Beijing-based biomaterial firm Bluepha has snapped 400 million yuan ($58.3 million) in an extended Series B round led by Zhong Ping Capital.
The round, joined by state-owned Jiangsu Huanghai Financial Holding Group, has brought the firm’s total capital raised in the Series B round to 1.5 billion yuan ($218.7 million), according to a statement published on Wednesday.
Founded in October 2016, the firm specialises in the production of its own brand of Polyhydroxyalkanoate (PHA), a biodegradable biopolymer produced through fermentation.
PHA has the potential to become an alternative to plastic. It can be used in food packaging, disposable cutlery, and rigid and flexible packaging, among others.
Located in the city of Yancheng, Bluepha’s factory, with an annual production capacity of 5,000 tonnes of PHA, commenced operations in January this year.
As the world’s largest emitter of carbon-dioxide, China has set a target to become carbon neutral before 2060, which can serve as a boon to companies like Bluepha.
Previously, Bluepha completed its Series B3 round led by Mixed Reform Fund and Genesis Capital in January 2022, while the Series B2 round was led by the venture arm of China’s property developer Country Garden.
The news comes two weeks after PhaBuilder, another biosynthetic firm that develops and produces PHA, scored 359 million yuan ($52.9 million) in a Series A+ round led by Shenzhen-listed CNPC Kunlun Capital, a subsidiary of China’s biggest oil group by assets PetroChina.