Avantium has successfully raised €103 million from its initial public offering (IPO) on Euronext Amsterdam and Euronext Bruxelles, and was reportedly oversubscribed multiple times, according to European venture capital firm, Soffinova Capital IV, the main shareholder after the IPO. Avantium’s market capitalization has now reached €277 million.

The funds raised will be used to further commercialize Avantium’s technology into viable production processes. This will also expected to jumpstart the commercialization of its YXY technology to produce furandicarboxylic acid (FDCA) and eventually polyethylene furanoate (PEF) with its joint venture partner, BASF with their first commercials-scale reference plant for FDCA. PEF is a new plant-based high-quality plastic that is recyclable and offers a cost-effective solution for applications ranging from bottles to packaging films and fibers.

Avantium is also working on other projects such as cellulosic sugar and other bio-based chemicals that for some have reached or already entering pilot plant stage.

Avantium issued 9,401,793 shares at €11/share. Trading will begin on 15th March 2017 on Euronext Amsterdam and Euronext Bruxelles under the symbol AVTX.

Here’s a nice animated introduction video from Avantium.

Paris-based Sofinnova Partners also recently announced the first closing of its Sofinnova IB 1 Fund amounting to €106 million entirely dedicated to renewable chemistry. Sofinnova’s other renewable chemistry-related investments also include Comet Biorefining, Green Biologics, Synthace, MetGen, and BioAmber. The company also recently invested in Belgium-based agro-biotech company, AgroSavfe. Sofinnova Partners has over €1.3 billion of funds under management.