P2 Science Inc., a renewable chemistry company, closed a $12 million Series C financing round. Lead investor HG Ventures and Chanel joined existing investors.

WHO: P2 Science is a 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. These include flavor, fragrance, and cosmetics ingredients. 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.

WHY: 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.

Neil Burns, CEO of P2 Science, said, “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, 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.”

IN THEIR OWN WORDS: “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 Burns. “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.”

DETAILS:

• P2 Science Inc., a renewable chemistry company, announced the close of a $12 million Series C financing round.
• Lead investor HG Ventures—the corporate venture arm of The Heritage Group, a global leader in specialty chemicals, environmental services, and transportation infrastructure—and Chanel join existing investors BASF Venture Capital, Xeraya Capital, Elm Street Ventures, Connecticut Innovations, and Ironwood Capital Connecticut. Safermade, a venture fund focused on safer, more renewable consumer products, is also a new investor.
• Kip Frey, Managing Director of HG Ventures, will join the P2 board.
• P2 Science was advised by Innovator Capital Ltd of London and Goodwin Procter LLP of New York.