FRX Polymers secures USD12m in Series C funding.
M2 EQUITYBITES-January 16, 2014-FRX Polymers secures USD12m in Series C funding
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16 January 2014 - US fire resistant plastics developer FRX Polymers Inc said it had secured USD12m (EUR8.8m) in a Series C round of financing led by Evonik Venture Capital GMBH, a company of Evonik Industries AG (FRA:EVK).
The round also enjoyed participation from current shareholders Capricorn Venture Partners, DB Masdar Cleantech Fund, SAM Private Equity, BASF Venture Capital, Israel Cleantech Ventures, Triton Systems, company founders as well as its Western Canadian Syndicate and its staff.
The company said it will use the proceeds to support its first industrial scale Green flame retardant polymer facility it had just inaugurated in Antwerp, Belgium.
The company makes inherently flame retardant plastics and oligomers under the trade name Nofia. FRX Polymers' products are being utilised in electronics, building and construction, and transportation as polymeric flame retardant additives, flame retardant engineering plastics, and as reactive flame retardant additives for thermosetting resins.
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