Genomatica will use the investment to scale production for its portfolio of products and continue investing in new technologies to amplify the impact of sustainable materials across a range of industries.
Life science investor Novo Holdings led the round, with additional participation by existing and new investors including Viking Global Investors, Casdin Capital, and others.
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Genomatica replaces widely-used chemicals and materials, traditionally derived from petroleum fossil fuels, with plant-based alternatives that are cost-competitive, equivalent in performance, and can reduce environmental impact by up to 93% compared to fossil fuel-based production. These molecularly identical replacements can be used in a wide range of products that touch the lives of billions of consumers, including clothes, cosmetics, packaging, and carpet.
As the climate crisis intensifies, consumer demand for sustainable products has risen quickly. A recent survey from Genomatica found that the majority of US consumers (86%) believe sustainability is a good goal, and over half (52%) make choices to be more sustainable. Through its sustainable solutions, Genomatica is aiming to transform how materials are sourced and produced, enabling transparent, traceable, and responsible supply chains that drive both positive social and environmental impact.
“Leading a widespread transition to sustainable materials is what drives us at Genomatica,” says CEO Christophe Schilling. “We’ve grown intentionally by proving the scalability of our products, fostering strategic partnerships with leading brands and manufacturers, and laying the foundation to remake supply chains. We are increasingly powering the shift to more sustainable products that consumers and investors want — and humanity needs.”
European-based lead investor Novo Holdings has long been a champion of the bioeconomy. Together with other new investors including Irving Investors, Nicholas Investment Partners, Tenere Capital and Tharsis Capital, it is complementing existing backers in an increasingly ESG-focused and geo-diverse investor base for Genomatica.
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By GlobalData“Sustainability is a must-have for consumers and for increasingly ESG-focused investors, making it a business imperative for brands,” says Anders Bendsen Spohr, senior partner at Novo Holdings.
“We see a massive opportunity for biological manufacturing to help industries meet this demand for sustainable products. Genomatica is creating more sustainable value chains with both a breadth of partnerships and products that it is distinctively executing on at commercial scales that can deliver the kinds of impact that today’s climate crisis requires.”
