Gowling WLG's German Corporate team has advised Axeleo Capital on its investment in Bioweg, a German biotechnology company.
The team was led by Dr Michael Lamsa, Partner and Co-Head M&A, Private Equity and Venture Capital in Germany, supported by Counsel Micha Gersdorf and Associate Philipp Esmek (Corporate/M&A; Frankfurt), and Partner Miray Kavruk and Associate Alessandra Birkendorf (IP/IT; Frankfurt).
Bioweg is a German biotechnology company based in Quakenbrück, Germany, developing high-performance, biodegradable ingredients to replace intentionally added acrylic polymer based microplastics. The company has closed a EUR 16 million Series A round. The round was led by Axeleo Capital Green (the industry fund), joined by the EIC Fund, NBank Capital, BonVenture, and seed investor Dr.-Ing. Frank Jenner.
The capital will support construction of Bioweg's first-of-its-kind bacterial cellulose plant in Germany and accelerate market entry across Europe. The latest financing round, which brings the total amount raised by the company to date to EUR 32.5 million, will enable the step-up from pilot to industrial production, including construction of an industrial bacterial-cellulose facility in Germany – designed to be able to meet the growing demand of industrial customers in sustainable microplastics-free ingredients.
Axeleo Capital is a multi-strategy tech investment management company backing Europe's next leaders in digital and green transformation that provides seed to Series B investments combined with strategic, hands-on support to bold funders across key industries.
Dr Michael Lamsa said: "We are delighted to have provided legal support to Axeleo Capital as lead investor in this landmark financing round for Bioweg. Bioweg exemplifies the next generation of sustainable material innovation. The investment underscores not only the confidence in the founding team, but also the strong international interest in scalable solutions in the field of sustainable materials. The market for genuine alternatives to microplastics is ready, and the company is excellently positioned to make a real impact with its technology – both economically and ecologically."
Marc Lechantre, Partner at Axeleo Capital, commented: "We are grateful for the strong support of Michael and the team at Gowling WLG that was essential in this transaction."
Gowling WLG's Corporate team provides excellent legal advice through a partner-led service of corporate lawyers, with clients ranging from the world's leading financial institutions and public companies to private businesses and entrepreneurs. The 200-strong team has extensive experience across the full range of corporate advice including equity capital markets on AIM and the Main Market, investment funds, private equity and both public and private mergers and acquisitions.