Bioeconomy fund bags $213m second close

Dec 17, 2020 • Jordan Williams

The European Commission-backed venture fund has secured commitments from Nestlé, Volkswohl Bund Versicherungen and Neste for its second close.

Luxembourg-headquartered venture capital fund European Circular Bioeconomy Fund (ECBF) reached a €175m ($213m) second close on Tuesday with €93m from limited partners including corporates Volkswohl Bund Versicherungen, Nestlé and Neste.

Insurance provider Volkswohl Bund Versicherungen, packaged food and beverage producer Nestlé and oil processor Neste were joined in the second close by promotional bank NRW Bank and an unnamed family office.

ECBF was launched by the European Commission and European Investment Bank in November 2019. The European Investment Bank has…

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