Country Garden Venture Capital returned to reinvest in Bluepha having led the the bioplastics developer’s series B2 round five months ago.
China-based biodegradable synthetic material developer Bluepha received RMB870m ($137m) in series B3 funding yesterday from investors including property developer Country Garden, as the global secondary sector seeks to produce sustainable plastic alternatives.
Genesis Capital and the China State Owned Enterprises Mixed Ownership Reform Fund co-led the round, which included Zhongping Capital, FreesFund, GL Ventures and Trinity Innovation Fund, while the corporate was represented by Country Garden Venture Capital (CGVC).
The deal came after series B1 and B2 rounds in 2021 and helped push the company’s overall series B funding to $235m, it said.
Founded in 2016, Bluepha is developing biomanufacturing technology focusing on sustainable plastic substitutes dubbed polyhydroxyalkanoates (PHA) – a biodegradable material that is produced with microbial fermentation – that can be used in the agricultural, consumer, healthcare and electronics industries.
Bluepha is building a factory in the Chinese province of Jiangsu in a bid to create 25,000 tons…
