Yale-founded P2 Science, which produces chemicals from clean feedstocks like vegetable oil, secured funding from investors including Elm Street Ventures to take its total to about $23.3m.
P2 Science, a US-based green chemicals production spinout of Yale University, has completed a $12m series C round co-led by luxury fashion and beauty brand Chanel.
Chanel co-led alongside HG Ventures, the corporate venturing arm of chemical and industrial conglomerate The Heritage Group, with participation from Yale-backed venture fund Elm Street Ventures.
BASF Venture Capital, the corporate venturing arm of chemical producer BASF, also participated, as did state-owned investment firm Connecticut Innovations and Malaysian government-backed investment vehicle Xeraya Capital.
The deal was filled out by private equity fund manager Ironwood Capital Connecticut and sustainable consumer product-focused venture fund Safermade.
Founded in 2011, P2 Science manufactures and supplies chemical ingredients for flavourings, fragrances and cosmetic products.
The company uses environmentally-sustainable feedstocks such as vegetable oil instead of petrochemicals which typically rely on fossil fuels.
Part of the series C funding will go to building capacity…
