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BioAmber raises $30M in Series C round; LANXESS invests $10M, joins board

| February 24, 2012

In Minnesota, BioAmber raised $30 million in its Series C round of financing with $20 million invested in November by Naxos Capital, Sofinnova Partners, Mitsui & Co. Ltd. and the Cliffton Group, and a second tranche of $10 million on February 6th, 2012 closed with specialty chemicals company LANXESS. BioAmber and LANXESS are jointly developing phthalate-free plasticizers and expect to begin sampling succinic-based plasticizers in 2012.

The companies are also collaborating in Sarnia, Ontario, on the establishment of BioAmber’s first world-scale bio-succinic acid manufacturing facility. LANXESS will be joining the BioAmber board of directors and has named Jorge Noguiera as its board representative. Jorge Nogueira is the Head of LANXESS’ Functional Chemicals business unit.

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