Solvay has joined the Genesis Consortium to support biotech companies through its venture capital arm, said the company.
Funding will be put towards the IndieBio start-up development programme, which includes a portfolio of early-stage venture-backed companies with ties to Solvay’s key end markets, including agri-tech, food, bio-based materials and personal care.
Solvay Ventures did not specify how much they would spend on the programme but is currently investing from an €80m global evergreen fund.
The Genesis Consortium was founded by Silicon Valley-based venture capital firms SOSV and Mayfield as a global alliance of venture capital firms and corporations focussing on biotechnology start-ups addressing human health and environmental challenges.
SOSV is a multi-stage venture fund which operates start-up development programme IndieBio, which was founded in 2015, based in New York and San Francisco in a variety of sectors including food, materials, climate tech, biopharma, and agriculture.
The strategic investment will enable Solvay to accelerate and expand it portfolio using biotechnology and will strengthen the specialty firm’s renewable materials and biotechnology platform.
We remind, Solvay in advanced negotiations to divest its stake in Rusvinyl. The company confirms it is in advanced negotiations to divest its stake in Rusvinyl, an independent 50/50 joint venture in Russia, to its joint venture partner, Sibur. In addition to the recently obtained preliminary clearance from Russian governmental authorities, the potential transaction is still subject to several other regulatory approvals. Solvay will keep the market informed if and when appropriate, in accordance with applicable law.
Solvay is a science company whose technologies bring benefits to many aspects of daily life. With more than 21,000 employees in 63 countries, Solvay bonds people, ideas and elements to reinvent progress.
mrchub.com