We are investors since series B and have been largest single investor. We organized this follow on round.
Versalis, the largest Italian chemical company, has helped Genomatica raise $41.5m after the portfolio company withdrew its planned flotation.
Versalis was joined in the series D round by US-based refuse company Waste Management and venture capital firms Alloy Ventures, Draper Fisher Jurvetson, Mohr Davidow Ventures and VantagePoint Capital Partners. Geoffrey Duyk, co-founder of private equity firm TPG’s Biotech fund, said: “We led the round and are the largest share holders in Genomatica. We are investors since series B and have been largest single investor. We organized this follow on round.”
US-based investment bank Jefferies acted as placement agent for the round.
Versalis said the D rouand represented a significant valuation increase to the company’s C-1 round last year.
Daniele Ferrari, chief executive of Versalis, said: “Genomatica has demonstrated superior abilities to develop economically attractive process technologies that can enable a new approach for our industry. We share a common view of how the industry can evolve and we’re excited about joining forces on bio-based butadiene.”
Last year Genomatica raised $45m in March from Waste Management, which owned 6.9% at the time of the planned flotation’s filing, and Ru-Com’s Bright Capital.
The company’s shareholder split at the time of the filing was: TPG Biotech (19.1%), Mohr Davidow Ventures (17.3%), VantagePoint Venture Partners (12.6%), Alloy Ventures (10.4%), Batios Holdings (7.4%) Draper Fisher Jurvetson (7%) and Iceland Genomics Ventures (5.5%).
The company had previously raised $58.7m in sales of stock since the beginning of 2008. The company had $1.9bn in revenues in the first half of 2011, up from $726m in the full year 2010. The company lost $9m in the first half and made a $14m loss in the full year 2010.
The initial public offering had been underwritten by banks Morgan Stanley, JP Morgan, Jefferies, Piper Jaffray and Raymond James.