October 29, 2020
New European Circular Bioeconomy Fund (ECBF) is ready to invest in Europe’s transition to a more sustainable economy. The ECBF reached its first closing with €82 million to provide financing to innovative growth-stage companies and projects.
The European Circular Bioeconomy Fund (ECBF) is the first venture fund exclusively focused on the bioeconomy and the circular bioeconomy in EU and Horizon 2020 Associated Countries. The target size is specifically of €250 million, to which the European Investment Bank (EIB) has committed €100 million. ECBF will contribute to the European Green Deal goals of making Europe climate neutral by 2050.
ECBF starts operation today with € 82 million from its cornerstone investor EIB and three private investors. PreZero International GmbH, which operates in waste and recycling. Corbion NV is a global market leader in bio-based chemicals and polymers. Hettich Beteiligungen GmbH is a successful investor in sustainable business and services.
In the meantime the fund made its first investments in:
- PeelPioneers, a Dutch company which uses a pioneering technology to turn waste from orange peels into essential oils, flavourings and fragrances, dietary fibre, and animal feed.
- Prolupin, a producer of high-quality proteins which are turned into dairy alternatives, currently marketed in Germany under the brand name “Made with Luv”.
The fund provides equity investment to innovative growth-stage bioeconomy and circular bioeconomy companies and projects. The ECBF aims to fill an important financing gap in this area by mobilising public and private investments to scale up innovative bio-based companies and projects with high potential for innovation and excellence.
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Source: ECBF, EUROPEAN INVESTMENT BANK