Sustainability leader Genomatica closed $118 million in Series C funding to accelerate the global commercialization and expansion of sustainable materials, with the potential to reduce greenhouse gas emissions by 100 million tons per year.
WHO: Genomatica is harnessing biology to remake everyday products and materials built by and for the planet. The company is developing and scaling sustainable materials derived from plant- or waste-based feedstocks instead of fossil fuels to help brands deliver on their climate goals and our planet's needs. Genomatica has already commercialized sustainable materials used in plastics, spandex, and cosmetics, and is working on plant-based nylon, household cleaners, and more. Through its sustainable solutions, Genomatica aims to transform how materials are sourced and produced, enabling transparent, traceable, and responsible supply chains that drive positive social and environmental impact.
WHY: Genomatica will use the investment to scale production for its portfolio of products and continue investing in new technologies to amplify the impact of sustainable materials across a range of industries.
IN THEIR OWN WORDS: "Sustainability is a must-have for consumers and for increasingly ESG-focused investors, making it a business imperative for brands," said Anders Bendsen Spohr, Senior Partner at Novo Holdings, which has assets of €61 billion across a portfolio of 120 life sciences companies. "We see a massive opportunity for biological manufacturing to help industries meet this demand for sustainable products. Genomatica is creating more sustainable value chains with both a breadth of partnerships and products that it is distinctively executing on at commercial scales that can deliver the kinds of impact that today's climate crisis requires."
“Leading a widespread transition to sustainable materials is what drives us at Genomatica," said Christophe Schilling, CEO of Genomatica. "We've grown intentionally by proving the scalability of our products, fostering strategic partnerships with leading brands and manufacturers, and laying the foundation to remake supply chains. We are increasingly powering the shift to more sustainable products that consumers and investors want—and humanity needs.”
- Genomatica closed $118 million in Series C funding. Leading life science investor Novo Holdings led the round, with participation by existing and new investors, including Viking Global Investors, Casdin Capital, Irving Investors, Nicholas Investment Partners, Tenere Capital, and Tharsis Capital.
- This round brings the business's total funding to $388 million.
- Forbes reported Genomatica’s revenue reached $48 million in 2020, up from just under $10 million in 2016.
- The financing follows the recent news that Cargill and HELM are building a commercial production plant based on Genomatica's technology. This plant, the second to rely on Genomatica's technology (with the first one built by Novamont) will triple global production capacity for just one of the ingredients made with the company's technologies to 100,000 tons per year—distinctively positioning Genomatica and its larger portfolio to deliver on the market appeal of more sustainable solutions across multiple sectors at these large commercial scales.
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