P2 Science, Inc. has announced the close of a $12 million Series C financing round with lead investor HG Ventures, the corporate arm of The Heritage Group, and Chanel, a luxury brand company with business in fashion, fragrance, cosmetics and jewelry.
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 to expand production capabilities at its Naugatuck, Connecticut green chemistry advanced manufacturing site. At this site P2 uses a suite of proprietary flow chemistry technologies to manufacture novel, high performing specialty products, which are sold into the flavor and fragrance, cosmetics and related markets.
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.
“This new financing enables P2 to accelerate the 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.” P2 Science CEO Neil Burns said. “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.”
Burns continued, “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 incredibly strategic and financial coalition.”
“P2 is exactly the sort of company that we seek to back,” said Kip Frey, managing director of HG Ventures and who will join the P2 board. “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.”
