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24.06.2013evocatal draws two new investors as it closes €3.5m Series B round
In realizing the next step of its growth strategy, Düsseldorf-based enzyme specialist evocatal has partnered with two new investors: specialty chemicals company LANXESS and the NRW.BANK. The investments from this round of financing will be used to extend the firm’s technology platform as well as its product portfolio. “We will significantly expand our team,” says evocatal CEO Dr. Thorsten Eggert, “and we will also increase our capacities and extend our product portfolio to cover the increasing demand for our products.”

“As the financing round is being wrapped up, we will also be kicking off our Innovation Alliance for the Development of Biocatalysts for the Functionalisation of Polymers (FuPol),” adds Dr. Christian Leggewie, CSO at evocatal. The company is coordinating that major project, which is sponsored by Germany’s Federal Ministry of Education and Research (BMBF). “In the course of this project,” says Leggewie, “evocatal will additionally receive up to €1.4m over the next five years to develop innovative, enzyme-based solutions in the area of polymer modification.”

The investment in evocatal is the first direct stake that LANXESS has taken in a High-Tech Gründerfonds II portfolio company since it started investing in the fund at the end of 2012. “The chemistry has been right between evocatal and LANXESS since we began working together on projects in September 2011.”, explains Dr. Paul Wagner, LANXESS’ Director of Group Function Innovation & Technology. “Taking a minority stake in evocatal will help us selectively expand this collaboration.”

"Since receiving seed financing in 2007, evocatal has developed into one of Germany´s outstanding industrial biotech companies," says Ron Winkler, investment manager at High-Tech Gründerfond. "With LANXESS and NRW.BANK we are very pleased to have convinced two strong partners to get involved in the company's continued growth."