France-based industrial start-up Lactips specialised in the development and production of a water soluble and biodegradable plastic raw material based on milk protein, has raised EUR 3.7 million in new capital, the company announced.
Participants in the new funding round included existing backer Demeter, who had taken part since 2015 through the D3 A and Emertec 5 funds; new investors BASF Venture Capital, BNP Paribas Development and Crédit Agricole Loire Haute-Loire Capital Innovation. The transaction is the company’s ‘reward’ for four years of intense development and will enable Lactips to invest in the industrialisation and the commercialisation of its material.
“This capital increase shows the confidence of our investors in our products and business model. BASF Venture Capital and Demeter as our international partners, BNP Paribas Development as national investor and Crédit Agricole Loire Haute Loire Capital Innovation as regional investor contribute with complementary skills and knowledge that will greatly help us to up our industrial activities.” says Marie-Hélène Gramatikoff, CEO.
“We are pleased to contribute to Lactips’ financing round, our first venture capital investment in France”, says Markus Solibieda, Managing Director, BASF Venture Capital. “Sustainability is one major pillar of BASF’s strategy that we are working to integrate increasingly in all our business processes. With our investment in Lactips we intend to support the market-entry of their innovative products and we are looking forward to join the management team of Lactips in creating a success on the market.”
Riadh Shaïek, partner at Demeter: “Lactips has reached outstanding product development milestones in a very short period of time. We were impressed by the job achieved by the company and we decided to renew our confidence to allow the team to continue to develop the business on several key markets.”
“We are happy to walk with Lactips in this new stage of its development. We have followed up the project since several months through different BNP Paribas initiatives in innovation support. This new round allows Lactips to deploy its offer at a large-scale to deliver a new biosourced and economically credible plastic generation.” BNP Paribas Développement
Cédric Rolland, partner at Crédit Agricole Loire Haute-Loire Capital Innovation: “Crédit Agricole Loire Haute-Loire Capital Innovation contributed to Lactips’ fundraising. This ambitious start-up made the choice to establish itself in the Saint-Etienne area to develop and commercialize an innovative and sustainable production process based on research from the local university. Crédit Agricole Loire Haute-Loire Capital Innovation is proud and honored to support Lactips.”