“We are pleased to have completed the fund raising 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 limited partners that include strategic corporate heavyweights and financial institutions: VanCity and the BC Tech Fund, managed by Kensington Capital Partners.”
“The BC Tech Fund was established to invest in emerging technology across multiple sectors, including Clean Tech,” said Dr. 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 Clean Tech start-up ecosystem.”
Fund IV brings together a dozen multinational corporations as Strategic Limited Partners. In addition to renewed commitments from Fund III partners CoorsTek, JSR, and Mitsubishi Chemical Holdings, Fund IV has also attracted commitments from Doosan, GC Ventures (the venture arm of PTT Global), Henkel, Lam Research, Sekisui, Severstal, Shin-Etsu, TOSOH, and adidas. This brings Pangaea’s total strategic limited partner count to twenty-five.
Fund IV has made six investments to date, in materials-driven companies addressing diverse market applications. The portfolio includes leading start-ups with commercial products in display materials, medical devices, 5G data electronics, and the 3D printing of living human tissue. It is expected that the fund will make a further 6-8 investments.