Pangaea Ventures, which invests in advanced materials, announced it has completed the final close of Pangaea Ventures Fund IV, with commitments of $95 million CAD from organizations like VanCity and the BC Tech Fund.
“Pangaea’s record for helping advanced materials reach global success made them an attractive fund.”
Fund IV has made six investments to date, in materials-driven companies addressing a variety of market applications. The fund’s advanced materials portfolio is not specifically tech-focused but is looking to invest in startups with products in display materials, medical devices, 5G data electronics, and the 3D printing of human tissue.
“We are pleased to have completed the fundraising for Fund IV, and to see growth over our third fund,” said Chris Erickson, general partner of Pangaea Ventures. “We have a good mix of LPs that include managed by Kensington Capital Partners.”
The fourth fund aims to bring together a dozen multinational corporations as strategic LPs. The fund saw renewed commitments from partners of Fund III, including CoorsTek, JSR, and Mitsubishi Chemical Holdings. Fund IV has also brought in commitments from Doosan, GC Ventures, Henkel, Lam Research, Sekisui, Severstal, Shin-Etsu, TOSOH, and Adidas, bringing Pangaea’s total LP count to 25. Fund III closed in 2012 at $100 million USD.
Pangea was first established in 2000 and has an office in Vancouver. The firm built a portfolio addressing multi-billion dollar markets in energy, electronics, health, and sustainability. Pangaea led a $7.9 million CAD investment in AEPONYX, a Montreal-based micro-optical switch provider, to accelerate the commercial production of the startup’s planar micro-optical switch chips.
“The BC Tech Fund was established to invest in emerging technology across multiple sectors, including cleantech,” said Gerri Sinclair, managing director of Kensington Capital Partners. “Pangaea’s record for helping advanced materials reach global success made them an attractive fund through which we could support the cleantech start-up ecosystem.”
Pangea said it expects Fund IV to make six to eight more investments.
Image courtesy Pixabay.