In Houston, biobased peroxides firm Solugen has raised $32 million in a Series B funding round.
The round was led by Founders Fund and included Y Combinator, Refactor Capital, Fifty Years, and KdT Ventures. The funding closely follows the company’s $13.5-million Series A.
“Solugen is on track to become a major player in the chemical industry,” says Brian Singerman, partner at Founders Fund. “The company’s success to date proves that there is significant demand for cleaner, greener methods of chemical production. For customers, choosing between toxic, petrochemical-based chemicals and cheaper, safer, environmentally friendly bio-chemicals from Solugen is a no-brainer.”
Solugen’s technology includes a process to convert plant sugars to hydrogen peroxide.
“This is a momentous landmark in our company’s young history, and we want to thank our investors for their support as well as for their belief in our technology, team, and mission of decarbonizing the chemicals industry,” says CEO Gaurab Chakrabarti.