FRX Polymers, a US-based maker of environmentally-friendly flame-retardant plastic, has raised $8m in a second round of series C funding.
The capital came from existing shareholders BASF Venture Capital, the $200m corporate venturing unit of Germany-based chemicals company BASF, Evonik’s $130m corporate venturing unit, and Masdar cleantech fund, which is owned by clean energy company Masdar. Investment company PMV led the round.
The financing comes five months after the company raised $12m its first round of series C funding, from BASF, Evonik, Masdar, advanced materials producer Triton Systems, Capricorn Venture Partners, SAM Private Equity and Israel Cleantech Ventures (ICV). It brings the total raised by FRX to $70.5m.
In April 2012 FRX closed a $26.7m series B round with an $11m tranche from a consortium co-led by BASF Venture Capital. It raised $6m in series A funding in 2009 from Capricorn and ICV.
FRX recently opened its first industrial scale green flame retardant polymer plant in Belgium. The latest investment will be used to fund the scaling up of FRX’s sales as it operates the new facility.