Evonik has bought one of its existing portfolio companies, Friedrich Schiller University Jena spinout JeNaCell, for an undisclosed sum.
JeNaCell, a Germany-based developer of biotechnology-derived nanocellulose spun out of Friedrich Schiller University Jena, has been acquired by specialty chemicals company Evonik.
Financial terms of the transaction have not been disclosed.
Founded in 2012, JeNaCell produces biotechnology-derived nanocellulose, using the material as the basis for products aimed at clients in the medicine, pharmaceutical cosmetics and technology sectors.
The company secured an undisclosed amount of series A funding from Evonik Venture Capital, the corporate’s investment arm, in 2015.
Public-private partnership High-Tech Gründerfonds (HTGF), Thuringia state-owned foundation Stift and investment firm Bmt Beteiligungsmanagement Thüringen, and financial services firm Sparkasse Jena-Saale-Holzland also took part in the series A round.
HTGF and Stift had supplied $906,000 in seed funding in October 2012.
