High-Tech Gründerfonds, a corporate-backed government venture fund, has helped Subitec a Germany-based manufacturer of algae photo-bioreactors, raise €4.5m ($5.5m).
High-Tech Gründerfonds was joined in the series B round by Fraunhofer Venture, the venture unit of the eponymous Germany-based research organisation, Germany-based bank KfWBankengruppe’s ERP-Startfonds., and the CleantechFonds of venture firm eCapital entrepreneurial Partners. eCapital was the lead investor.
Subitec was founded in 2000 as a spin-off of the Fraunhofer Institute for Interfacial Engineering and Biotechnology IGB.
During its history, Subitec has been supported by Fraunhofer Venture. Matthias Keckl, Investment Manager at Fraunhofer Venture, said: “Together with the Fraunhofer Institute for Interfacial Engineering and Biotechnology IGB, the Management of Subitec and later High-Tech-Gründerfonds, we worked out a good basis for this round of financing. We are very happy that with eCAPITAL and KfW’s ERP Startfonds, Subitec now has two new and ambitious partners at its side to give further positive encouragement to the development of the business.”
High-Tech-Gründerfonds (HTGF) took a share in the first round of Subitec, in 2007, and has extended its commitment. Marco Winzer, Senior Investment Manager at HTGF, said: “This round of financing shows that an innovative and solid technology coupled with a strong and committed company team can find the right investor even in a weak VC environment.”