High-Tech Gründerfonds, a corporate-backed government venture fund, has helped Subitec a Germany-based manufacturer of algae photo-bioreactors, raise €4.5m ($5.5m).

High-Tech Gründerfonds was joined in the series B round by Fraunhofer Venture, the venture unit of the eponymous Germany-based research organisation, Germany-based bank KfWBankengruppe’s ERP-Startfonds., and the CleantechFonds of venture firm eCapital entrepreneurial Partners. eCapital was the lead investor.

Subitec was founded in 2000 as a spin-off of the Fraunhofer Institute for Interfacial Engineering and Biotechnology IGB.

During its history, Subitec…

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