Biotechnology and green chemistry company P2 Science announced that it has raised $23 million in a new financing round, with proceeds aimed at accelerating its growth in the beauty and personal care ingredients market, and expanding its platform into new markets.
Co-founded by Professor Paul Anastas and Dr. Patrick Foley at the Center for Green Chemistry and Green Engineering at Yale, P2 Science designs and manufactures renewable specialty ingredients for the personal care, flavor & fragrance, and performance materials markets. The company designs new molecules from plant-based building blocks, using advanced, modular, and low-cost manufacturing processes, reducing dependence on fossil-based raw materials.
The company said that the new capital will support the expansion of its beauty and personal care ingredients business and broaden its platform into additional markets, including aroma technologies, performance polymers, home care, coatings, and crop care.
According to P2 Science, the funding comes amid growing demand from manufacturers and consumers for alternatives to petrochemical-based products. The company said that its combination of sustainable chemistry technology, commercial product portfolio, and manufacturing scale positions it to capitalize on increasing global demand for cleaner and higher-performing ingredients and materials.
Oihana Elizalde, CEO of P2 Science said:
“This milestone validates the strength of our technology and the urgency of global demand for clean, scalable manufacturing solutions. With this new funding, we are positioned to supercharge our beauty business and bring real green chemistry solutions to entirely new industries.”
The funding round was led by Sofinnova Partners and included participation from existing investors including Lewis & Clark Partners, dsm-firmenich ventures, Connecticut Innovations, Elm Street Ventures, Chanel, BASF, and Safer Made, alongside new investors Emerald Technology Ventures and GS Futures.
Michael Krel, Partner at Sofinnova Partners said:
“P2 Science has demonstrated that green chemistry can compete on performance, not just sustainability credentials. The commercial foundation the team has built in beauty is strong, and the platform has real reach into adjacent markets.”
