Pangaea Ventures closes second fund on $32m

The Vancouver-based cleantech firm has more than doubled its previous fundraising total, with new commitments from strategic investors Asahi Glass, Umicore and Bekaert.

Cleantech-focused Pangaea Ventures has closed its second fund on $32 million (€20.7 million), receiving a host of commitments from new strategic investors.

The Vancouver-based firm, which invests in the development of “advanced materials” like silicon film that facilitate breakthroughs in clean technology, more than doubled the total of its $12 billion debut fund.

“Most clean technologies would not happen without breakthroughs in advanced materials,” Purnesh Seegopaul, partner in the firm’s New Jersey office, told PEO.

Seegopaul said that despite the larger fund size, Pangaea would continue to fund early-stage companies, with the occasional middle-stage investment.

“We will stick to our sweet spot, which is Series A,” said Purnesh.  

Launched in 2006, Pangaea Ventures Fund II has already been roughly 25 percent invested in four portfolio companies, including semiconductor designer Kovio, carbon nanotube maker Cnano and energy efficient window maker Switch Materials.

New limited partners contributing to the fund include Japanese glassmaker Asahi Glass, metallurgy and materials technology group Umicore and paint coatings business Bekaert.

Existing strategic investors who re-upped with Pangaea include BASF Venture Capital, Sovlay, Ciba Specialty Chemicals and Toyota Tsusho America.

Purnesh said that most of the vehicle was funded by strategic investors, but that a few high-net worth individuals contributed as well.

The firm was founded in 1997 by former Osler, Hoskin & Harcourt environmental lawyer Chris Erickson.