Canada-based venture capital firm Pangaea Ventures reached a C$95m ($70m) final close for its fourth advanced-materials fund on Tuesday, having sourced limited partner commitments from several corporates.
Chemicals producers Mitsubishi Chemical Holdings, Shin-Etsu, Sekisui and Tosoh are all among the fund’s LPs, as are petrochemical product manufacturers JSR and PPT Global, consumer goods provider Henkel and semiconductor technology supplier Lam Research.
Apparel and footwear producer Adidas, diversified conglomerate Doosan, ceramics product maker CoorsTek and steel, energy and mining group Severstal also made commitments to the vehicle, as did credit union VanCity and investment firm Kensington Capital Partners’ BC Tech Fund.
Founded in 2001, Pangaea targets advanced materials technology developers in the energy, electronics, health and sustainability sectors. Pangaea Ventures Fund IV has completed six investments and the firm expects to add up to eight other companies to the vehicle’s portfolio.
The firm announced in early 2017 that it had raised about half the capital for the fourth fund, which at that time was said be targeting up to $80m.
Pangaea’s existing investments include imaging device maker Modulated Imagining, smart windscreen producer Switch Materials, functional materials maker PolySpectra, insecticides manufacturer Vestaron and iron-based flow battery maker ESS.
Pangaea increased its strategic investors to 25 following the final close of the fund. Corporates that have backed its previous funds include chemicals producers BASF, Evonik, Solvay and Sabic, as well as Samsung Ventures, a subsidiary of electronics producer Samsung.