The News

Sofinnova Partners Leads $12 Million Series A Round in DNP Green Technology

26/10/2009

Paris, France – October 26, 2009 – Sofinnova Partners, a Paris-based venture capital firm, and DNP Green Technology, a developer of innovative technologies for molecules to the chemical industry, announced today that a syndicate led by Sofinnova Partners has completed a $12 million Series A investment in the company.

In addition to Sofinnova, which participated with $8 million in this round, investors include Mitsui & Co. Venture Partners, Samsung Ventures Investment Corporation, the Cliffton Group and AquaRIMCO. All participants in the round are new investors except for AquaRIMCO. Both Sofinnova and Mitsui will now be represented on the board of DNP Green Technology. Part of the proceeds from the investment will be used by DNP Green Technology to commercialize the production of bio-based succinic acid later this year.

Based out of the U.S. and Canada, DNP Green Technology is a biomaterials company focused on the production and purification of organic acids and derivatives using renewable raw materials. Its first product, bio-based succinic acid, is a building block for the production of a number of chemicals and will be available before the end of 2009. The product will be licensed out through Bioamber, DNP Green Technology’s joint venture in France with Agro Industrie Recherches et Developpements (ARD), a French agricultural research organization. Bioamber’s plant was specifically set up to reach the demo stage and will be the world’s first facility to produce bio-based succinic acid on a commercial scale.

“DNP Green Technology, through its Bioamber joint venture, has the leading technology for the production of bio-based succinic acid, and this round of financing will enable us to be the first to market,” said Jean-François Huc, CEO of DNP Green Technology. “We plan to leverage this advantage to establish market leadership and accelerate our growth.”

“Sofinnova has been following the green chemicals industry for nearly two years, and this investment is testimony to our continued interest in this sector,” added Denis Lucquin, managing partner of Sofinnova Partners, and member of the board of DNP Green Technology. “DNP Green Technology has the characteristics that we like to see: a technology that has the potential to soon become the world leader, and a strong, experienced team.”

About Sofinnova Partners
Sofinnova Partners is an independent venture capital firm based in Paris, France. For over 35 years, the firm has backed nearly 500 companies at different stages of development – pure creations, spin-offs, as well as turnaround situations – and worked alongside Europe’s key entrepreneurs in the technology, life sciences and cleantech sectors. With more than €1 billion of funds under management, Sofinnova Partners’ experienced team and hands-on approach in nurturing and supporting portfolio companies through to exit have created market leaders and multiplied revenues, from landmark historical investments including Genentech and Biogen to more recent successes such as Actelion, Vistaprint, CoreValve and Fovea. With a global mindset, the firm has offices in Shanghai, China and a sister organization in San Francisco, California.