Germany-based enzyme developer Evocatal has secured €3.5m ($4.5m) of series B funding from investors including financial services firm NRW.Bank and chemical producer Lanxness, the latter of which took a majority stake in the company.
LAnxness and NRW were joined byall the company’s existing investors, including corporate-backed venture fund High-Tech Gruenderfonds (HTGF) and venture capital firm Sirius Venture Partners.
Evocatal creates bespoke bio-catalysts for products from cosmetics to adhesives. The new funding will be used to extend its product range.
The company’s total known funding now stands at €5.2m ($7m), including €1.8m ($2.5m) in series A funding in 2010 from HTGF, Roland Oetker and Sirius Seedfonds. HTGF and Sirius invested an undisclosed amount in Evocatal in 2007.
Evocatal will receive up to €1.4m ($1.9m) of extra capital through sponsorship from Germany’s Federal Ministry of Education and Research over the next five years for developments in polymer modification.