FRX Polymers, a US-based maker of environmentally-friendly flame-retardant plastic, has raised $12 million series C financing led by Germany-based materials group Evonik Industries, which invested $2.5m through its corporate venture capital fund, Evonik Venture Capital. Other investors included Capricorn Venture Partners, DB Masdar, SAM Private Equity, BASF Venture Capital, and Israel Cleantech Ventures.
Previously, in April 2012, FRX Polymers, extended its series B round by $11m from a consortium co-led by Germany-based chemicals company BASF’s corporate venturing unit.
FRX Polymers is set to produce halogen-free, flame-retardant polymers from a newly opened plant in Antwerp, Belgium.
Marc Lebel, president and CEO of FRX Polymers, said: “With Evonik, we have added an important strategic partner who shares the same vision as we do for the growth of the company to our shareholder base.