In California, Genomatica announced it issued $90 million in its latest equity offering, strengthening its balance sheet to fully execute on its business plan and fuel new growth opportunities. Participants include new lead investor Casdin Capital, returning investor Viking Global Investors, which continues as Genomatica’s largest shareholder, and organism engineering partner Ginkgo Bioworks. Genomatica also announced it is expanding its relationship with Ginkgo to accelerate biotechnology innovations for widely-used chemicals.
“Biotechnology promises to enable the chemical industry in remarkable ways. That said, only businesses with strong fundamentals and commercial products will be successful,” said Eli Casdin, Chief Investment Officer of Casdin Capital. “Genomatica is one of the few companies with that profile and fresh capital now enables them to grow that position substantially.”
Genomatica is advancing a new process to make 100% biobased nylon-6 for clothing and carpets, to help move toward a more sustainable and circular textile economy. Genomatica’s partners include Aquafil and the EFFECTIVE consortium, a dozen firms including brands such as H&M, Carvico, Vaude, and Balsan.