Only two and a half months after its launch, the EU bioecocomy venture capital fund ECBF has doubled the volume of its first closing.
Nurition world market leader Nestlé as well as Neste Oyj, Volkswohl Bund Versicherungen, NRW.BANK and an undisclosed family office contributed to the €93m raised on top of the €80m first closing of the ECBF (European Circular Bioeconomy Fund) in October. Upon the launch, EBCF head Michael Brandkamp said, "we now have about a year to increase the fund to €250m. After all, it should have €250m in the end, otherwise we cannot take on the leading role in Europe that we have set ourselves."
The ECBF is designed to be an important financial instrument contributing to the European Green Deal of making Europe climate neutral by 2050.
“We are pleased to contribute funding and expertise to scale up innovative solutions in the renewable and bio-based sectors in Europe,” said Antonia Wanner, Head of Environmental, Social and Governance (ESG) Strategy and Deployment Unit at Nestlé. “This investment is in line with our commitment on sustainable packaging and our plans to combat climate change.” The company has been criticized for its Nespresso packaging solution by environmentalists in the past.
With a targeted fund-size of €250 million, ECBF will be an important financial instrument contributing to the European Green Deal making Europe climate neutral by 2050. The European Investment Bank (EIB) and three private investors who already participated in the first financing round in autumn (PreZero International; Corbion; and Dr. Hettich Beteiligungen). Currently, the ECBF is now backed by nine investors from five different European countries. These investors share the vision of scaling-up innovative bio-based companies and backing solutions to the pressing challenges of sustainability.
"The entire ECBF team is delighted to welcome first-class fund investors from various sectors and countries. The investors, bringing extensive experience and networks, are invited to play an active role in the selection and expansion of bio-economy companies” says Michael Brandkamp, Managing Partner at ECBF Management GmbH.
ECBF invests in late-stage bioeconomy companies across Europe with high potential for innovation, favourable returns, and sustainable impact. By targeting those deals, ECBF aim at addressing the challenge of providing capital to unlock the economic potential of the bioeconomy and circular bioeconomy. The track record in venture capital and industry expertise of the advisory team at ECBF Management GmbH is key in selecting the best bioeconomy investments and providing valuable support to catalyse their further growth.