US-based venture capital firm Phoenix Venture Partners closed its second fund on Monday with limited partners that included pharmaceutical firm Pfizer, manufacturing conglomerate 3M and glass and ceramics materials producer Corning.
Chemical producers Eastman Chemical, Solvay and Showa Denko, and manufacturing company WL Gore & Associates have also contributed to PVP II fund, the size of which has not been disclosed. Its other LPs include undisclosed family offices and financial institutions.
Phoenix Venture Partners focuses on startups operating in the advanced materials sector, working with its corporate network to identify strategic opportunities in their respective fields.
John Chen, managing general partner of PVP, said: “We are pleased by the continued support we received from our existing LPs and strong interest in PVP II LP from new investors. The fund is off to a great start, having already made several new investments.”