MetGen Oy raises a total of €2.2M in a financing round led by Sofinnova Green Seed Fund with participation from Finnish Industry Investment and Finnvera.
Founded in 2006, MetGen is a Finnish cleantech company that develops disruptive enzymatic products that enable significant efficiency improvements in the pulp and paper and biofuels industries, as well as removal of toxic micro-pollutants from waste water. MetGen’s competitive advantage is the ability to tailor or adapt enzymes to meet each customer’s segment specific needs.
The funds raised will accelerate MetGen’s commercial roll-out and development of new products. The company, which currently runs industrial trials with several European partners, will initially market its solutions in Europe (Scandinavia, Germany, France) and North America.
Alex Michine, CEO and Founder of MetGen comments: “We are glad to welcome Sofinnova Partners as an investor, their experience, network and dedication to this sector will help us develop our technology platform and market our solutions. We are excited to be recognized as an innovative cleantech company capable to contribute to sustainability.”
Heli Ahlroos, Investment Manager at Finnish Industry Investment comments: “MetGen has significant potential to grow fast. The company has a scalable business model and competitive technology that will be beneficial to customers worldwide.”
Joško Bobanovic, Partner at Sofinnova Partners comments: “We are impressed by the development level of MetGen and the support it has gotten from the Finnish community. We look forward to strengthening our collaboration with Finnish Industry Investment and Finnvera to collectively build MetGen into a great company.”
For further information, please contact:
MetGen Oy
Alex Michine, tel: +358 40 543 37 40, e-mail: alex@metgen.com
Finnish Industry Investment Ltd
Heli Ahlroos, tel: +358 40 077 2833, e-mail: heli.ahlroos@industryinvestment.com
Sofinnova Partners:
Anne Rein, tel: +33 6 03 35 92 05, e-mail: anne.rein@strategiesimage.com
MetGen is a Finnish cleantech company that develops disruptive enzymatic products that enable significant efficiency improvements in the pulp and paper and biofuels industries, as well as removal of toxic micro-pollutants from waste water. The company offers enzymatic solutions for the pre-treatment of a variety of lingo-cellulosic biomass. MetGen provides enzymes that dramatically save energy at the refining step in the pulp and paper industry. In the advanced biofuel sector, MetGen enables production of low cost lingo-cellulosic sugars. MetGen’s competitive advantage is the ability to tailor or adapt enzymes to meet each customer’s segment specific needs. www.metgen.com
Sofinnova Partners is an independent venture capital firm based in Paris, France. For 40 years, the firm has backed nearly 500 companies at different stages of their development – pure creations, spin-offs, as well as turnaround situations – and worked alongside Europe’s key entrepreneurs in the Life Sciences industry. With €1.3 billion of funds under management, Sofinnova Partners has created market leaders with its experienced team and hands-on approach in building portfolio companies through to exit. www.sofinnova.fr
Finnish Industry Investment Ltd is a government-owned investment company that promotes Finnish business, employment and economic growth through venture capital and private equity investments. The investments of Finnish Industry Investment amount to 700 million euros. www.industryinvestment.com