Novomer raises US$14 mln in second round of venture funding to scale technology

19-Aug-09

In a move that will help the company fund scaling of technology, Novomer has raised US$14 mln in a second round of venture funding. Novomer is one of a very few companies in the race to create biodegradable plastics. The company brought in a US$6.6 mln first-round of financing in 2007 co-led by Physic Ventures and Flagship Venture Partners, and including DSM Venturing. OVP Venture Partners joined to lead the recent round. The company has also received support from the U.S. Department of Energy, the National Science Foundation and the state of New York.