GRUENDELPARTNER advises TGFS on CYNiO’s seed funding round

As part of a seed funding round, the Technology Start-up Fund Saxony (TGFS) is investing over 2 million euros in CYNiO GmbH, alongside the IBG Innovation Fund.

CYNiO is revolutionising the production of isocyanates through a patented, CO₂-based technology that does not require the use of highly toxic phosgene. This innovation enables the flexible and safe production of even small batches of specialised isocyanates, which serve as key components in numerous products such as medicines, adhesives, coatings and foams, and are therefore essential for the pharmaceutical, agricultural and construction industries, amongst others.

The TGFS is an equity partner in Saxony for the seed and start-up phases. The fund was first launched in 2008 by the Free State of Saxony and Saxon financial institutions and has since supported over 100 start-ups. In 2023, the TGFS launched its third generation of funds.

The IBG Innovation Funds, based in Magdeburg, are the venture capital funds of the state of Saxony-Anhalt. They support young, innovative technology companies with above-average growth potential and based in Saxony-Anhalt by providing equity capital during the seed, early-stage and growth phases. The IBG Innovation Funds are managed by bmp Ventures AG.

GRUENDELPARTNER provided comprehensive legal advice to the TGFS as part of the financing round.

GRUENDELPARTNER’s M&A, Venture Capital and Private Equity practice group is one of the most experienced and best-staffed advisory units in Central Germany and supports investors and entrepreneurs throughout all stages of development, particularly in relation to start-ups, business development, corporate finance and all exit processes.