Netherlands-based green chemicals producer Avantium has secured €36m ($49m) from a consortium including diversified conglomerate Swire Pacific, beverage maker Coca-Cola, food and beverage manufacturer Danone and plastics producer Alpla.
Avantium will use the funds to further develop PEF, a next-generation biological plastic that will be used as packaging material. Capital will be directed towards finalising the design and engineering of the first commercial plant to manufacture PEF.
The round also included existing shareholders. Although Avantium did not name any specific backers, it previously raised €30m in 2011 from Sofinnova Partners, Aster Capital and De Hoge Dennen, as well as Aescap Venture, Capricorn Cleantech Fund, ING Corporate Investments and Navitas Capital, the four investors in a €18m round in 2008.
That 2008 round also saw Signet Healthcare Partners, GlaxoSmithKline-owned SR One and MVM all exit the company, though other previous backers including DFJ Esprit, AlpInvest, EDB Investments, Eastman Chemical and Pfizer all retained stakes.
Altogether, Avanatium has now raised €66m ($89.9m) over its past two rounds and, according to PE Hub, $130m in earlier rounds through 2008.