P2 Science raises funding round led by Lewis & Clark Agrifood
WOODBRIDGE, CT - January 31, 2023
P2 Science Inc., a leading green chemistry company, today announced the close of a funding round led by Lewis & Clark AgriFood. Lewis & Clark was joined in the round by existing investors Heritage Group Ventures, Chanel, Elm Street Ventures, and SaferMade. Prior investors in the Company also include BASF Venture Capital, Connecticut Innovations, Advantage Capital, and others.
The primary use of proceeds from this round will be to expand sales and production of Citropol, the Company’s flagship product platform. Through a proprietary process called Process Intensified Continuous Etherification (“PICE”), P2 transforms renewable forest-derived feedstocks into high-performance ingredients for use in a variety of personal care, cosmetics, and beauty products. Citropols exceed the performance of traditional emollients, including silicones, and are easy to formulate with, while safe for human health and the environment. In 2022, P2 won five industry awards, including the Innovation Best Breakthrough Supplier Award from BeautyMatter, one of the most trusted voices in beauty. In January 2023, Unilever’s haircare brand, Living Proof, launched three new products built on P2’s ingredients.
“We’ve built a new patented, market-leading ingredient platform, that allows customers to build incredibly high-performance products which also satisfy consumer demands, regulatory requirements, and internal sustainability goals” said Neil Burns, CEO of P2 Science. “There is nothing in the market today like the Citropols. We now have 22 patented Citropol products that are used in every product category across personal care and beauty. This new round of financing will allow us to supercharge production and accelerate our global sales pipeline.”
In addition to Citropol, the Company has developed other proprietary products and chemistries for use across industries, such as flavor and fragrance, specialty materials, and more. A process that has also garnered particular interest is P2’s Process Intensified Ozonolysis (“PIOz”), which has a much smaller footprint, is more efficient, and more scalable than traditional ozonolysis. In May 2020, the Company announced a Joint Development Agreement with Archer Daniels Midland to commercialize renewable plant-based products across high-value markets, such as nylons, polyesters, lubricants and agrochemicals, utilizing PIOz.
“P2 is one of the very few successful sustainable chemistry platform companies” said Chuck Warta, Operating Partner with Lewis & Clark AgriFood. “Consumers and companies across industries are looking for highly functional, new, sustainable alternatives. Many in the personal care and beauty space are now turning to P2 for innovation. We are excited to partner with the P2 team and existing investors to grow a world-leading green chemistry company, deeply rooted in technology, with a portfolio of sustainable, high-value, and high-performance products.” As part of this financing, Chuck Warta has joined P2’s Board of Directors.
Stifel acted as an advisor and placement agent to the Company for this transaction.