Stockholm, Sweden-based green tech company developing biomanufacturing processes for the sustainable manufacturing of everyday products, EnginZyme, raised EUR 21 million in Series B financing. The Series B round took place on December 19, 2022. Almi Invest GreenTech, Navigare Ventures, and Bunge Ventures joined the financing as new investors. Meanwhile, existing investors Sofinnova Partners, Industrifonden and SEB GreenTech VC participated in the financing.
Purpose of funding for EnginZyme
With the latest proceeds from the Series B round, EnginZyme aims to execute its plans for large-scale global commercialisation.
Besides, the company intends to develop new features of its proprietary technology platform to enhance performance. Moreover, it plans to facilitate scaling in current and new markets.
What the co-founder has to say
Dr Karim Engelmark Cassimjee, CEO and co-founder of EnginZyme, said, “This fundraising marks a pivotal moment for EnginZyme. This started as an idea at The Royal Institute of Technology in Stockholm to fight climate change by enabling greener chemistry for every industry. We attracted several established investors and created a company at the intersection of chemical engineering and biology. Today, we are extremely proud to have the support of this high-quality syndicate of investors as we drive forward into our next stage of growth.”
What the investors have to add
Alex Basu, Investment Manager of Navigare Ventures, further added, “At Navigare Ventures, we’re convinced that solutions inspired by nature will be key to solving some of our largest challenges. Therefore, we are thrilled to support EnginZyme as it prepares for the next phase. With its science-based technology, solid industrial anchoring, and a strong syndicate of investors, EnginZyme is well positioned to accelerate the development of its technology for the benefit of sustainable manufacturing.”
In addition, Michael Krel, Partner at Sofinnova Partners and Chairman of the Board at EnginZyme, commented, “We believe the best ideas in biotechnology deserve long-term support. This funding round proves that we are not alone. EnginZyme’s combination of biochemistry know-how and process engineering has the potential to push sustainable manufacturing to the next level.”
Besides, Helen Taflin, Investment Manager of Almi Invest GreenTech, said, “EnginZyme provides a unique and green solution with the potential to drive the chemical sector in a sustainable direction at a large scale and on commercial terms by improving the carbon footprint and climate impact. We look forward to supporting the company alongside our fellow co-investors.”
About the company
In 2014 Karim Engelmark Cassimjee, Robin Chatterjee, and Samuel Hargestam launched the company. EnginZyme’s goal is to put sustainable, biobased technology within reach of companies across various sectors. Its technology platform utilises nature’s catalysts, and enzymes, combining the power of biology with the efficiency of the chemical industry in a best-of-both-worlds solution.
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