P2 Science Raises $12 Million

P2 Science Inc. closed a $12 million Series C financing round. Lead investor HG Ventures and Chanel join existing investors Xeraya Capital, BASF Venture Capital, Elm Street Ventures, Connecticut Innovations and Ironwood Capital Connecticut.
 
P2 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.
 
“This new financing enables P2 to accelerate execution of our mission to bring sustainable chemistry to market and thereby enables value creation and innovation for our customers in F&F, cosmetics and other consumer specialties.” said Neil Burns, CEO of P2 Science. “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.”
 
HG Ventures is the corporate venture arm of The Heritage Group, a global leader in specialty chemicals, environmental services and transportation infrastructure. Chanel is the world’s leading luxury brand company with business in fashion, fragrance, cosmetics and jewelry. 
 
“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,” said Kip Frey, managing director of HG Ventures, who will join the P2 board.
 
Joining HG Ventures and Chanel as new investors in P2, is Safermade, a venture fund focused on safer, more renewable consumer products.