French natural cosmetic ingredient maker Sophim has completed a €20m ($21.43m) funding round to double its production capacity and accelerate international sales.
Existing investor Smalt Capital has injected a further €4.5m that will be used to boost output from Sophim’s facilities in Peyruis, France and Almeria, Spain.
One of the Alpes de Haute Provence company’s flagship products is Phytosqualan, is a squalane that is 100% of vegetable origin, made from olives.
Developed in the company's R&D laboratory, the production of squalane follows the principles of the circular economy, by recovering olive fatty acids.
“In our rapidly growing environment, sustainable development must remain a priority,” said Sophim managing director Alexis Margnat. “Ecological responsibility is at our heart and has always been an essential element in the development of our business project.”
Marseille-based Smalt Capital has been investing in Sophim – which was founded in 1996 - since 2014.
“We are proud to continue the adventure with Sophim,” said Julien Jorge, manager at Smalt Capital.
“Beyond purely financial criteria, the human, collective and ecological dimension occupies a central place in Sophim’s corporate culture. We are confident in the company's ability to build on its competitive advantages to establish itself as a leader in its field," he added.
Sophim president Jacques Margnat said: "This investment will allow us to double our production capacity at our two industrial sites, to meet strong demand for our products, especially internationally.”