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New markets will include aroma technologies, performance polymers, home care, coatings and crop care.
May 26, 2026
By: Lianna Albrizio
Associate Editor
Leading green chemistry company P2 Science, Inc., has closed an oversubscribed $23 million up round led by Sofinnova Partners, a European life sciences venture capital firm based in Paris, London and Milan.
The financing will accelerate P2’s commercial growth in beauty and personal care ingredients and expand the company’s green chemistry platform into new markets, including aroma technologies, performance polymers, home care, coatings and crop care.
New investors Emerald Technology Ventures and GS Futures joined the round alongside continued backing from existing investors including Lewis & Clark Partners, DSM-Firmenich ventures, Connecticut Innovations, Elm Street Ventures, Chanel, BASF and Safer Made, LP.
The strong participation from both new and returning partners reflects growing confidence in P2’s commercial traction, proven innovation leadership, and the scalability of its green chemistry platform.
“This milestone validates the strength of our technology and the urgency of global demand for clean, scalable manufacturing solutions,” said Oihana Elizalde, CEO of P2 Science. “With this new funding, we are positioned to supercharge our beauty business and bring real green chemistry solutions to entirely new industries. We are deeply grateful to our existing investors, whose continued partnership has been instrumental in getting us here, and we are thrilled to welcome Sofinnova Partners, Emerald Technology Ventures, and GS Futures to the P2 family as we begin this next chapter of growth.”
The financing continues a period of significant commercial and scientific momentum for P2. Them company was named to Fast Company’s annual list of the World’s Most Innovative Companies in both 2025 and 2026 and was recently selected for L’Oréal’s €100 million sustainable innovation accelerator, L’AcceleratOR.
P2 also launched two breakthrough beauty ingredients, Citrolatum P, a 1:1 plant-based replacement for petrolatum, and CitroComplex Nourish, a high-performance natural oil blend for skin and hair care and entered a strategic partnership with Algenesis to develop 100% biobased, biodegradable polyurethanes. Most recently, P2 was awarded $2.8 million in non-dilutive funding from the US Department of Energy’s ARPA-E to accelerate catalyst innovation through AI-enhanced autonomous laboratories.
“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. We are excited to support this next phase of growth,” said Michael Krel, partner at Sofinnova Partners.
The capital raise comes at a pivotal moment for sustainable and advanced manufacturing. As brands and consumers demand higher-performing, healthier products and as global markets accelerate the shift away from petrochemicals, P2 Science is uniquely positioned to lead; combining a commercially proven beauty ingredients portfolio, a versatile green chemistry platform, and the manufacturing capabilities to scale. Backed by a world-class syndicate of strategic and financial investors and complemented by competitive non-dilutive funding from federal partners, P2 is the chemistry company of the next generation, rooted in performance, sustainability and scale.
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