Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

January 31, 2020

Chanel among investors in Woodbridge chemistry company

PHOTO | Pixabay.com Luxury brand Chanel is investing in Woodbridge's P2 Science Inc.
By Michelle Tuccitto Sullo

A renewable chemistry company co-founded by Yale scientists, P2 Science Inc., has attracted high level investors, including fashion and beauty giant Chanel. 

P2 announced this week that it had successfully completed a $12 million Series C financing round.

Chanel, founded more than a century ago by Gabrielle (Coco) Chanel, joins lead investor HG Ventures and several other existing investors, including Xeraya Capital, BASF Venture Capital, Elm Street Ventures, Connecticut Innovations and Ironwood Capital Connecticut.

According to P2, which is headquartered in Woodbridge, it plans to use a portion of the $12 million to expand its production capabilities at its manufacturing plant in Naugatuck, which opened in 2018. 

The company makes products used in the flavor, fragrance and cosmetics markets.

Chanel has an extensive fragrance line, including its Chanel No. 5, Coco Mademoiselle and Chance perfumes. The luxury brand also sells cosmetics, clothing and jewelry.

P2 Science CEO Neil Burns said in an announcement that this new financing will help the company accelerate its mission to “bring sustainable chemistry to market and thereby enable value creation and innovation for our customers in (fashion and fragrance), cosmetics and other consumer specialties."

“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,” Burns said. 

HG Ventures, also a new investor, is the corporate venture arm of the Heritage Group, which focuses on specialty chemicals, environmental services and transportation infrastructure. 

“We are thrilled to be joined by HG, world-class innovators in specialty chemicals and by Chanel, the highest profile luxury brand on the planet,” Burns said. “Together with our existing early investors, they form an incredible strategic and financial coalition.”

Kip Frey, managing director of HG Ventures, will join the company’s board. 

According to Frey, P2’s focus on sustainability and renewability were factors in the decision to back the company.

“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,” Frey said in an announcement.

The company was co-founded by Yale University, Elm City Ventures, and two Yale scientists, professor Paul Anastas and company Chief Science Officer Patrick Foley, who worked together at the Yale Center for Green Chemistry and Green Engineering. 

P2 Science also recently joined forces with a Chicago business, ADM, to develop commercial opportunities for plant-based ingredients for personal care, flavor, cosmetics and fragrance products.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF