French venture capital firm Emertec has reportedly pulled in €50m of commitments for its latest vehicle, putting it within touching distance of its target.
Emertec 5 is hoping to pull in between €55m and €60m according to unquote, comparable to the €60m fourth vehicle the firm closed in 2008.
It said Emertec 5 has picked up a €23m commitment from French state fund BPI France as well as backing from the European Investment Fund.
Last week Emertec backed France-based agritech and biofuel ‘insect harvesting’ firm Ynsect as it received €1.8m of financing led by Demeter Partners.
Ynsect’s main activities involve the “bioconversion of organic resources by insects”, and their processing into nutrients for feed applications – proteins and lipids – and for non-food applications such as polysaccharides and derivatives, organic fertilizers, and bioenergy.
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