Pangaea Ventures Ltd has held a first close of Pangaea Ventures Fund III, LP, at $50m.
The fund, which has a final target of $100m, invests in early stage cleantech companies with compelling advanced materials technologies.
Limited partners include Asahi Glass Co. Ltd., Asahi Kasei Innovation Partners, Inc., nv Bekaert sa, 9th Street Investments (a CoorsTek affiliate), JSR Corporation, Mitsubishi Chemical Holdings Corporation, Murata Manufacturing Co. Ltd, Nitto Denko Corporation and SABIC Ventures B.V..
The fund is led by General Partners Chris Erickson and Purnesh Seegopaul and newly added Keith Gillard.
Established in 2001, Pangaea Ventures has offices in Vancouver BC, Canada, Hillsborough NJ, and Moscow, Russia.