Sea6 Energy Brings BASF Venture Capital To Captable, Raises $4.2 Mn
- ByStartupStory | July 25, 2022
Sea6 Energy, based in Bengaluru, has initiated its next round of investment and has added an extra investor, BASF Venture Capital GmbH. According to regulatory filings obtained, shareholders of Sea6 Energy agreed to allocate a total of 9,744 equity shares & 512 fully paid up mandated convertible preference shares to two of its current investors, Netherlands-based aquaculture fund Aqua-Spark & Singapore-based Silverstrand Capital, as well as new growth stage investor BASF Venture Capital GmbH, at a general meeting held earlier this month.
The company has allocated these shares for a total of $4.2 million. Mail addressed to Sea6 Energy received no response at the time of publication. BASF Venture Capital GmbH, which frequently invests in seed through Series B rounds of firms, is particularly interested in digital farming, sustainability, and AI startups. The monies will be distributed to the startup in two installments. Aqua-Spark, which headed the Series B financing, will own 18.3 percent of Sea6 Energy following the investment round. BASF Venture Capital will hold 3.65 percent of the firm, while Silverstrand Capital will control 1.53 percent.
Tata Capital, which invested in the startup’s Series A round in 2015, will remain the largest external investor, holding a 21.15 percent interest.
Nelson Vadassery, Shrikumar Suryanarayan, Sowmya Balendiran, and Sri Sailaja Nori founded Sea6 Energy in 2010 to develop technologies to transform biomass into biofuel, plant defense goods, animal feed condiments, and other bio-renewable goods to replace chemicals and plastics.
The firm also provides bioprocessing services such as marine biotech, fermentation technologies, analytical chemistry, and synthetic chemistry. It is worth noting that Sea6 Energy is the second aquaculture company to seek investment during the funding winter, following Aquaconnect. In March of this year, Aquaconnect raised $8 million in loans from Trifecta Capital. Meanwhile, Aqgromalin, which is supported by Sequoia Surge, recently lay off 80 staff after failing to attract a fresh round of investment.
Follow Startup Story
Related Posts
