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Venture Fund Raises $50M for Cleantech, Materials Start-Ups

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Pangaea Ventures Ltd. in Vancouver, British Columbia has raised $US 50 million for its Pangaea Ventures Fund III that aims to invest in early-stage cleantech companies using advanced materials technologies. Pangaea says the new investment fund expects to eventually raise $100 million.

The limited partners in the fund are corporate and private-equity venture investors including Asahi Glass Co. Ltd., Asahi Kasei Innovation Partners, Inc., nv Bekaert sa, 9th Street Investments (affiliated with CoorsTek), JSR Corporation, Mitsubishi Chemical Holdings Corporation, Murata Manufacturing Co. Ltd, Nitto Denko Corporation, and SABIC Ventures B.V.

Pangaea invests in companies developing solutions for energy generation, storage, and efficiency, as well as environmental and sustainable materials technologies. Its funds — the new fund is the company’s third — focus particularly on development of advanced materials that help make these solutions more efficient and less expensive. Pangaea says it seeks out technologies developed in academic labs and national research centers in North America, although the company also has a Moscow office for European opportunities.

The company’s portfolio includes Vestaron Corporation that is developing insecticides using natural peptides from spiders that are harmless to humans, and which closed its series B round (second funding installment after start-up) earlier this month. In late April, Pangaea Ventures led a series A round investing in Boulder Ionics Corporation, developing a new class of materials for electrolytes in energy storage applications that are safer than the solvents used today in lithium-ion batteries.

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