DIREVO Industrial Biotechnology GmbH Raises E6 Million ($9.5 Million)
Published: Feb 02, 2010
Cologne, February 1, 2010- DIREVO Industrial Biotechnology GmbH (“DIREVO”) announced today that it has raised € 6 million to finance the company into the year 2012. The current financing round was led by TVM Capital and NRW.BANK. In addition, the shareholders agreed to a potential further capital increase of up to € 4 million to enable the company to accelerate its development. DIREVO can look back on a successful ten-year track record in protein optimization. Initially a business unit of DIREVO Biotech AG, it became an independent company in 2008 in the course of the sale of DIREVO Biotech AG to Bayer Healthcare AG for € 210 million. DIREVO’s outstanding technological capabilities are a major asset in the generation of industrial enzymes and microbial strains. Products from DIREVO´s optimization facility, multi-parameter optimized Phytase and Mannanase enzymes, are best-in-class. After having established these (technological) capabilities and validated their effectiveness and superior quality in various successful projects, DIREVO is now aiming for the next stage in its plans for the future by developing into an integrated biotechnological product and process company. In its bid to strengthen down–stream integration, DIREVO is currently exploring various options, such as strategic relationships with premier industrial players out to boost their biotechnology business, as well as mergers and / or acquisitions to further strengthen DIREVO’s own capabilities. “This financing round provides us with sufficient funding to build up our business further over the next few years,” said CEO Dr. Thomas von Rüden. “Given the current economic environment, the successful completion of this financing round is proof positive of DIREVO’s qualities and its prospects for the future,” he added. "The DIREVO team has done an outstanding job in setting up a successful independent business a little more than a year after the spin-out from DIREVO Biotech AG," said Stefan Fischer of TVM Capital on behalf of the investors involved in the round. "In a very short time, they have generated significant value with the money invested so far, so it is a pleasure for us to go on supporting this successful venture,” he added. About DIREVO Industrial Biotechnology GmbH DIREVO provides customized solutions for various industries via the development and optimization of biocatalysts with its proprietary ultra-high-throughput screening platform. Serving the Feed & Food industries and chemical / biorefinery businesses, DIREVO products are developed either independently or in conjunction with global leaders such as Genencor (a division of Danisco A/S), AB Enzymes, Roal Ltd. and Nestlé. DIREVO Industrial Biotechnology GmbH is privately owned and located in Cologne, Germany. The shareholders include Wölbern EquityPartner GmbH (Hamburg), NRW Bank (Düsseldorf), TVM Capital (Munich), Danisco A/S (Copenhagen), a private equity firm affiliated with Sparkasse KölnBonn (Cologne), SandersMorrisHarris EnzymesLLC (New York), Mulligan BioCapital (Hamburg), and several private investors. More information is available at: www.direvo.com.