Zeachem, a US-based biofuels company, has extended its series C round to $25m from a consortium including Itochu, a Japan-based trading company, and Macquarie, an Australia-based financial services group.
In March, Itochu bought a stake in Zeachem for an undisclosed sum.
Additional C round investors include venture capital firms Birchmere Ventures, Firelake Capital, Globespan Capital Partners, Mohr Davidow Ventures, PrairieGold Venture Partners and Spring Ventures.
Zeachem initially raised $19m in its C financing in October 2011 from Birchmere Ventures, Firelake Capital, Globespan Capital Partners, Mohr Davidow Ventures, PrairieGold Venture Partners and Spring Ventures, although it subsequently updated the Securities and Exchange Commission to say it had raised $24m in November.
This followed a $34m series B in January 2009, co-led by Globespan Capital Partners and PrairieGold, with backing from oil major Valero Energy, Mohr Davidow Ventures and Firelake Capital. The company previously raised $6m in 2007, according to news provider GigaOm.
The business has also received significant support from the US government including most recently a $232.5m loan guarantee from the US Department of Agriculture’s Biorefinery Assistance Program.
ZeaChem said its increased C round followed the construction of its demonstration biorefinery.
The refinery has the capacity to product 250,000 gallons per year of cellulosic ethanol. Company officials said the facility was built on budget and will begin production by the end of the year.