ChainCraft, a Dutch scale-up active in circular chemical production is proud to announce it closed a EUR 11m funding round and secured the upcoming equity funding for its full scale flagship plant. ChainCraft produces circular chemicals from food waste through innovative fermentation technology, replacing fossil and palm oil based chemicals. For this round lead investor Convent Capital teamed up with existing investors SHIFT Invest, Horizon 3 and PDENH. ChainCraft will use the proceeds of this round to lay the groundwork for an industrial scale plant and to accelerate its growth plans in its existing Amsterdam demo plant.
Commercially, the Amsterdam based scale-up is gaining speed. Recently, ChainCraft announced a long term partnership with animal feed leader Agrifirm for the long term off take of circular fatty acids from its commercial demo plant. Offtake agreements with other partners from the feed and chemical industry for the demo and full scale plant will follow soon. It is becoming more and more apparent that these market players need to switch from environmentally high burden products based on crude and palm oil to more sustainable alternatives which ChainCraft is providing, with both the public as well as the regulator putting pressure on them.
Niels Van Stralen (CEO & co-founder of ChainCraft): “We are very happy to welcome Convent Capital as new shareholder and are grateful with the continued trust and investment from our existing investors. Once again, our cost competitive, innovative and circular concept is supported by a strong consortium of financial partners and customers. We are only at the beginning of the transition to make the industry completely fossil and palm oil free. This investment will support and significantly speed up our journey towards this highly necessary transition towards circularity.”
Reynier Arendsen de Wolff from Convent Capital commented “this is an exciting opportunity for us. As an impact fund, we are always looking to support companies that have a commercial product and offer a price competitive, sustainable alternative to existing inputs. As ChainCraft has a unique way of upcycling biological waste, produces locally and replaces conventional products based on crude oil and palm kern oil, ChainCraft is a great contribution to our fund’s portfolio. Alongside capital, we expect that our experience as a long term investor in scaling organic waste recycling operations will help ChainCraft further accelerate their growth going forward”.
Bart Raedts from Horizon 3 states “Horizon 3 has been involved in ChainCraft since 2012 and participated in all investment rounds to date. Horizon 3 has a strong believe in ChainCraft’s fermentation technology and products and is proud to be part of its journey towards a circular and biobased chemical industry.”