Sweden-based enzyme technology developer EnginZyme has secured a series A extension backed by SEB Greentech VC, a clean energy-focused vehicle for financial services group SEB.

Swedish government-backed venture capital firm Industrifonden led the round, which now stands at €11m ($13.3m) and also attracted unnamed, existing backers.

The company had completed a $6.9m close in April 2020 led by VC firm Sofinnova Partners, which took its overall funding at the time to more than €10m ($10.8m at contemporary rates).

Spun out of Stockholm University in 2014, EnginZyme is working on a cell-less synthetic biomanufacturing technology to make environmentally-friendly substitutes for materials including plastic, nylon and rubber used in cosmetics, food and beverage, and industrial processing.

EnginZyme CEO Karim Engelmark Cassimjee said: “Current biomanufacturing processes are too expensive and too difficult to scale to be economically feasible for most chemicals and products.

“This funding round will allow us to demonstrate that the problem is solvable, and that our approach is a versatile and scalable solution.”

– The original version of this article appeared on our sister site, Global University Venturing.

EnginZyme, a Sweden-based enzyme technology spinout of Stockholm University, has secured a series A extension led by government-backed venture capital firm Industrifonden, increasing the round to €11m ($13.3m).
SEB Greentech VC, a clean energy-focused vehicle for financial services group SEB, also took part, as did unnamed returning investors.
The company had completed a $6.9m close in April 2020 led by VC firm Sofinnova Partners, which took its overall funding at the time to more than €10m ($10.8m at contemporary rates).
Founded in 2014, EnginZyme is working on a cell-less synthetic biomanufacturing technology to make environmentally-friendly substitutes for materials including plastic, nylon and rubber used in cosmetics, food and beverage, and industrial processing.
EnginZyme CEO Karim Engelmark Cassimjee said: “Current biomanufacturing processes are too expensive and too difficult to scale to be economically feasible for most chemicals and products.
“This funding round will allow us to demonstrate that the problem is solvable, and that our approach is a versatile and scalable solution.”