EnginZyme raises €21M to replace fossil-based manufacturing with biobased tech

The Swedish green tech firm EnginZyme has raised €21 million ($22.2 million) in Series B funding to boost the commercial viability of its cell-free biomanufacturing technology. The company will also use the new fund to add innovative features to its proprietary technology platform and expand to new markets.

EnginZyme was founded in Sweden in 2014 to give companies in various industries access to sustainable, biobased technology to produce everyday products. Its main goal is to replace fossil-based manufacturing and accelerate the transition to environmentally friendly bio-manufacturing of essential goods.

The company has managed to generate multi-kilogram scale enzyme-based catalysts and powered pilot plants capable of producing 50 tons of product per year. Meanwhile, other bio-manufacturing technology companies frequently struggle to scale and make significant volumes.

CEO and co-founder Dr Karim Engelmark Cassimjee said it all began as an idea to combat climate change by facilitating greener chemistry in all industries. With that goal in mind, he drew the attention of many well-known investors, giving birth to a company that sits at the crossroads of chemical engineering and biology.

The recent funding round saw participation from Almi Invest GreenTech, Navigare Ventures, Bunge Ventures, Sofinnova Partners, Industrifonden, and SEB GreenTech VC.

“This fundraising marks a pivotal moment for EnginZyme,” said Cassimjee. “Today, we are extremely proud to have the support of this high-quality syndicate of investors as we drive forward into our next stage of growth.”

Michael Krel, partner at Sofinnova, said the funding round proves that they are not alone in believing that the best biotechnology ideas deserve long-term support.

According to Alex Basu, investment manager at Navigare, solutions based on nature will be critical to solving some of the world’s most pressing challenges. “Therefore, we are thrilled to support EnginZyme as it prepares for the next phase,” Basu added.

Helen Taflin, investment manager at Almi, believes EnginZyme offers an innovative green solution that has the potential to drive the chemical sector toward a more sustainable future.

“We look forward to supporting the company alongside our fellow co-investors,” Taflin said.