Pangaea Ventures closes fund II

Pangaea Ventures Ltd., a Vancouver-based firm focused on the cleantech and advanced materials sectors in the United States and Canada, has closed its second fund with $32 million in capital commitments. Limited partners include Asahi Glass, Umicore, Bekaert, BASF Venture Capital, Solvay, Ciba Specialty Chemicals and Toyota Tsusho America.

Pangaea, which also has an office in Hillsborough, N.J., has already invested in four companies from its second fund, including Cyrium Technologies Inc., Kovio Inc., Switch Materials Inc. and CNano Technology Ltd.