Total amount raised
$855.8 Millions
Latest funding date
Location
Solugen has successfully raised significant funding through multiple rounds, achieving a notable valuation. The company focuses on producing chemicals from bio-based feedstocks, emphasizing sustainability and innovation.
Keep reading to explore the intricacies of Solugen's fundraising journey and the investors backing this innovative platform.
What Is Solugen?
Solugen, founded in 2016 by Gaurab Chakrabarti and Sean Hunt, is based in Houston, Texas. The company focuses on creating carbon-negative molecular manufacturing platforms by combining synthetic biology, metal catalyst engineering, and modular plant design.
Solugen's innovative approach replaces petroleum-based products with plant-derived substitutes, addressing clean water, sustainable materials, safer food, and healthy personal care. Their solutions span various industries, including agriculture, water treatment, oil and gas, concrete admixtures, and cleaning applications.
With a team of 101-250 employees, Solugen continues to push the boundaries of biotechnology, aiming to make a significant impact on sustainability and industrial efficiency.
How Much Funding Has Solugen Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2017
- Lead Investors: Fifty Years
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial research.
- Seed Round
- Amount Raised: $4.4M
- Date: October 2017
- Lead Investors: Refactor
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop early-stage technology and expand the team.
- Series A
- Amount Raised: $18.8M
- Date: October 2018
- Lead Investors: Founders Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale production capabilities and enhance product development.
- Series B
- Amount Raised: $32M
- Date: May 2019
- Lead Investors: Founders Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and increase production capacity.
- Series B
- Amount Raised: $30M
- Date: April 2020
- Lead Investors: Refactor
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and commercialize their technology.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: April 2021
- Lead Investors: Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing research and development efforts.
- Series B
- Amount Raised: Not publicly disclosed
- Date: June 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance production capabilities.
- Series C
- Amount Raised: $357M
- Date: September 2021
- Lead Investors: Baillie Gifford, GIC
- Valuation at Round: Achieved unicorn status
- Motivation Behind the Round: To achieve a unicorn valuation and expand their market presence.
- Series D
- Amount Raised: $200M
- Date: October 2022
- Lead Investors: Kinnevik, Lowercarbon Capital, Refactor
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and development, adding significant capital to their operations.
- Debt Financing
- Amount Raised: $213.6M
- Date: June 2024
- Lead Investors: US Department of Energy
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To manage operational costs and further expansion without diluting equity.
Total amount raised: $855.8M. Current valuation: Not publicly disclosed.
Key Investors
- US Department of Energy
- Details: The US Department of Energy (DOE) is a federal agency responsible for advancing the national, economic, and energy security of the United States. It focuses on scientific and technological innovation to address energy challenges.
- Investment Focus Areas: Energy, technology, innovation
- Notable Investments: Various energy and technology projects
- Fifty Years
- Details: Fifty Years is a venture capital firm that invests in early-stage companies solving the world's biggest problems. They focus on startups that aim to make a significant positive impact on society.
- Investment Focus Areas: Biotechnology, sustainability, early-stage companies
- Notable Investments: Various biotech and sustainability-focused startups
- Refactor
- Details: Refactor is a venture capital firm that invests in transformative technology companies. They support startups that have the potential to create significant technological advancements.
- Investment Focus Areas: Technology, biotechnology, sustainability
- Notable Investments: Not publicly disclosed
- Founders Fund
- Details: Founders Fund is a San Francisco-based venture capital firm known for its investments in technology companies. They have a diverse portfolio that includes some of the most successful startups in Silicon Valley.
- Investment Focus Areas: Technology, biotechnology, space exploration
- Notable Investments: SpaceX, Palantir, Airbnb
- Baillie Gifford
- Details: Baillie Gifford is an investment management firm based in Edinburgh, Scotland. They are known for their long-term investment approach and focus on growth companies.
- Investment Focus Areas: Technology, healthcare, consumer goods
- Notable Investments: Tesla, Amazon, Alibaba
What's Next for Solugen?
Solugen's future looks promising with the construction of the Bioforge Marshall facility, a 500,000-square-foot biomanufacturing plant in Southwest Minnesota. This project, backed by a $213.6 million loan guarantee from the U.S. Department of Energy, aims to produce bio-based chemical products for various industries, including wastewater treatment, construction, and agriculture. The facility is expected to reduce annual carbon emissions by up to 18 million kilograms, aligning with the White House's Justice 40 Initiative.
As Solugen scales its Bioforge platform, the company may seek additional funding to expand its biomanufacturing capabilities. The significant DOE loan guarantee could attract further investment from both public and private sectors. However, Solugen will need to navigate the technical, legal, environmental, and financial conditions required for the loan guarantee, as well as manage recruitment and training needs for the new facility. Meeting these challenges will be crucial for the successful launch of the Bioforge Marshall project in fall 2025.
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