ECBF Management GmbH announced the second closing of the European Circular Bioeconomy Fund (ECBF) with €93 million in commitments, more than doubling the size of the ECBF to €175 million. According to ECBF Management, the fund is the first venture fund exclusively focussed on the bioeconomy and circular bioeconomy in Europe, with a targeted fund-size of €250 million.
ECBF invests in late-stage bioeconomy companies across Europe with high potential for innovation, favourable returns, and sustainable impact, and is aimed at addressing the challenge of providing capital to unlock the economic potential of the bioeconomy and circular bioeconomy.
Michael Brandkamp, Managing Partner at ECBF Management GmbH, said:
“We foresee very attractive opportunities to stimulate innovation growth at the pan-European level, as the transformation from linear fossil-based value chains to a circular bio-based economy is accelerating considerably. Other investors interested in participating in this exciting development are welcomed at ECBF until August 2021.”
New investors in the fund include food and beverage giant Nestlé, leading renewable diesel and sustainable aviation fuel company Neste, and German insurance company Volkswohl Bund Versicherungen.
Antonia Wanner, Head of Environmental, Social and Governance (ESG) Strategy and Deployment Unit at Nestlé, said:
“We are pleased to contribute funding and expertise to scale up innovative solutions in the renewable and bio-based sectors in Europe. This investment is in line with our commitment on sustainable packaging and our plans to combat climate change.”