The SEB-backed tranche has helped the Stockholm spinout lift the round to $13.3m, which will be used to conduct a proof-of-concept run.

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…

Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.