Thursday, 1 August 2024, Bengaluru, India
Scimplify is a platform that supplies and manufactures specialty chemicals that have secured $7 million in its new series A funding round. The Scimplify’s website claims to offer emulsifiers, biostimulants, biofertilizers, and more products. The funding round had the participation of new and existing investors. Omnivore led the round with Rs 24.7 crore followed by 3one4 Capital with Rs 13.56 crore. Bertelsmann pumped in Rs 14.82 crore while Bennext Asia invested Rs .6 crore.
The board has approved a special resolution to allot 17,514 series A CCPS at an issue price of Rs 33,676 per debenture to raise 7 million USD. Entrackr reported. According to the company filing, the startup will use these fresh proceeds for working capital purposes, scaling its operations, and market expansion. Founded by Salil Srivastava and Sachin Santhosh, this startup provides a B2B platform that develops affordable and reliable chemical solutions. The company provides a platform operating across the product life cycle in contract research and commercial chemical manufacturing. The startup provides chemical manufacturing solutions in industries including personal care, pharmaceuticals, and agrochemicals. This investment shows the trust of Omnivore in Scimplify’s market potential and business model.
The Bengaluru startup plans to use this investment and expand its service in the global market to more than 20 countries while introducing four new chemical categories. The company currently offers its services in India across Gujrat, Hyderabad, and Karnataka. The startup has raised around $11 million since its inception, including $3.67 secured during its seed funding round led by 3one4 Capital and Beenext. The startup data intelligence platform, the kredible mentioned that the post-money allotment valuation of Scimplify was around $39 million. The startup manufactures customized solutions for every research and development process, scale-up, or commercial manufacturing process.
The fresh proceeds from this round will enable the company to build specialized solutions for the enhanced platform and increase its performance capability of the platform. This development came just when the specialized chemical market saw increased interest from investors. The company is backed by Innoven Capital, Panacea Services, Beenext, and 3one4 Capital, among others. The startup faces competition from other specialized chemical companies including Quartzy, LanzaTech, Atomgrid, and Covvalent. The major competitor of the startup Atomgrid recently secured $1.2 million from Merak Ventures in its seed funding round.
Conclusion:
Specialized chemical manufacturing platform, Scimplify raised $7 million in a series A funding round from its existing and new investors. The round was led by Omnivore with a Rs 24.7 crore investment followed by 3one4 Capital, Beenext Asia, and Bertelsmann. The startup provides an online B2B platform that offers affordable and reliable specialized chemical solutions. The company develops, manufactures, and provides solutions across different industries including agrochemical, pharmaceutical, and personal care. The startup plans to use this investment and expand its services in more than 20 countries. The specialized chemical startup was also planning to launch four new chemical categories.
