Existing backers including Capricorn Venture Partners, Sofinnova Partners and Navitas Capital renewed their commitment to the company through the round.
Avantium said the capital would be used to engineer and design its first commercial-scale plant, which will make use of plant-based materials.
Yu Shi, Director of next generation materials and sustainability research at Coca-Cola, said, “By advancing smart technology, we believe performance and sustainability can go hand-in-hand to make a world of difference for consumers, the environment and our business.
“Avantium’s breakthrough technology continues to offer a promising pathway for supporting both our efforts to commercialize renewable, plant-based plastics and develop unique properties for packaging to drive new growth.”
Avantium supervisory board chairman Jan van der Eijk added, “It is a remarkable milestone in the biobased chemicals industry that large brand owners, such as The Coca-Cola Company and DANONE jointly invest for the first time in a company like Avantium.
“Together with the investment of Swire and ALPLA, it is clear to us that the market is willing to back winning technologies, such as PEF.”
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