P2 Science, a renewable chemistry firm announced it has closed on a $12 million funding round, which will help expand production capabilities at its advanced manufacturing site.
The Series C financing round was led by lead investor HG Ventures and Chanel. Other investors include Xeraya Capital, BASF Venture Capital, Elm Street Ventures, Connecticut Innovations, Safermade, and Ironwood Capital Connecticut.
At P2’s site, a suite of proprietary flow chemistry technologies is used 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, in a statement. . “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.”
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,” adds Kip Frey, Managing Director of HG Ventures, who will be joining P2’s board as part of the funding deal.
Goodwin Procter LLP and Innovator Captial Ltd advised P2 Science on this funding round.