WOODBRIDGE, CT, P2 Science, a renewable chemistry company, today announced the close of a $12 million Series C financing round.
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Lead investor HG Ventures and Chanel join existing investors Xeraya Capital, BASF Venture Capital, Elm Street Ventures, Connecticut Innovations and Ironwood Capital Connecticut.
The company will use a portion of the proceeds from the round to expand production capabilities at its Naugatuck, CT green chemistry advanced manufacturing site. At the site P2 uses a suite of proprietary flow chemistry technologies to manufacture novel, high performing specialty products. These products are sold into the flavor and fragrance, cosmetics and related markets.
"This new financing enables P2 to accelerate execution of our mission to bring sustainable chemistry to market and thereby enable value creation and innovation for our customers in F&F, Cosmetics and other consumer specialties." said Neil Burns, CEO of P2 Science. "We're adding state of the art aroma distillation capability as well as an expanded capacity for the production of novel renewable cosmetics ingredients based on patented processes and intensified flow technology."
HG Ventures is the corporate venture arm of The Heritage Group, a global leader in specialty chemicals, environmental services and transportation infrastructure. Chanel is the world's leading luxury brand company with business in fashion, fragrance, cosmetics and jewelry. Of the new investors, Burns says that "We are thrilled to be joined by HG, world-class innovators in specialty chemicals and by Chanel, the highest profile luxury brand on the planet. Together with our existing early investors, they form an incredible strategic and financial coalition"
Kip Frey, Managing Director of HG Ventures, who will join the P2 board, noted: "P2 is exactly the sort of company that we seek to back. As sustainability and renewability enter the mainstream of many consumer products markets, P2's game-changing technology and great team position them to be true leaders in riding this wave for the great benefit of their customers".
Joining HG Ventures and Chanel as new investors in P2, is Safermade, a venture fund focused on safer, more renewable consumer products.
P2 Science was advised by Innovator Capital Ltd of London and Goodwin Procter LLP of New York.
About P2 Science:
P2 Science is renewable chemistry company, co-founded by Yale scientists, Elm Street Ventures, and Yale University. Headquartered in Woodbridge, Connecticut, P2 Science has patented process technologies for converting renewable feedstocks into high-value specialty products. The scientific co- founders of P2 Science, Professor Paul Anastas and Dr. Patrick Foley, worked together at the Yale Center for Green Chemistry and Green Engineering. Neil Burns, CEO, has spent much of his prior career in the surfactants and oleochemicals industries. For more information, visit http://www.p2science.com.
About HG Ventures:
HG Ventures is the corporate venture arm of U.S.-based The Heritage Group, whose operating companies include Monument Chemical, Haltermann Solutions and Heritage Environmental Services. For more information, visit http://www.hgventures.com.
CHANEL is a private company and a world leader in creating, developing, manufacturing and distributing luxury products. Founded by Gabrielle Chanel at the beginning of the last century, CHANEL offers a broad range of high-end creations, including Ready-to-Wear, Leather Goods, Fashion Accessories, Eyewear, Fragrances, Makeup, Skincare, Jewelry and Watches. CHANEL is also renowned for its Haute Couture collections, presented twice yearly in Paris, and for having acquired a large number of specialized suppliers, collectively known as the MÃ©tiers d'Art. CHANEL is dedicated to ultimate luxury and to the highest level of craftsmanship. It is a brand whose core values remain historically grounded on exceptional creation. As such, CHANEL promotes culture, art, creativity and "savoir-faire" throughout the world, and invests significantly in people, R&D and innovation. At the end of 2018, CHANEL employed more than 25,000 people worldwide.