Thursday, 8 August 2024, Bengaluru, India
Scimplify is a platform to supply and manufacture specialty chemicals that have secured $9.5 million in its ongoing series A funding round from Omnivore and Bertelsmann. The specialized chemical startup manufactures biostimulants, emulsifiers, biofertilizers, and more products. The funding round had the participation of several new and existing investors including Beenext and 3one4Cpaital.
The board previously approved a special resolution to allot 17,514 series A CCPS at an issue price of Rs 33,676 each to raise $7 million. The startup plans to use these fresh proceeds to scale its operations, enhance its capabilities, increase its workforce, and expand its network. Founded by Salil Srivastava and Sachin Santhosh, this startup provides a B2B platform that supplies and develops affordable and reliable specialty chemical solutions. The startup offers different chemical manufacturing solutions in industries across personal care, pharmaceuticals, and agrochemicals areas. This investment shows the trust of investors in Scimplify’s market potential and business model. The company plans to double its research and development teams while increasing its offerings in more geographies. The Scimplify website mentioned that the firm offers a science-first end-to-end contract manufacturing platform for pharmaceutical APIs, and flavors or fragrances.
The Bengaluru-based startup plans to use this investment and expand its service in the global market across 20 countries. The company also plans to launch four new chemical categories this year. The specialty chemical startup currently offers its services in some states of India including Gujrat, Hyderabad, and Karnataka. The startup raised $7 million in its previous series A funding round led by existing investor Omnivore with a Rs 24.7 crore investment. The startup data intelligence platform, the kredible mentioned that the post-money allotment valuation of Scimplify before this round was 39 million USD.
The fresh investment raised from this round will help the company develop more innovative specialized chemical solutions while increasing the firm’s performance capability. This development came just after the global specialized chemical sector saw increased investor interest. The company has investors including Innoven Capital, Beenext, Panacea Services, and 3one4 Capital, among others. The specialized chemical manufacturer faces competition from other companies in the same segment such as Atomgrid, Covvalent, LanzaTech, Quartzy, and Covvalent. The major competitor of the startup Covvalent recently secured $4.3 million from Nexus Ventures in its fresh funding round.
Conclusion:
Specialized chemical manufacturing platform, Scimplify secured $9.5 million in its ongoing series A funding round from its existing and new investors. The round was led by Omnivore and Bertelsmann with the participation of 3one4 Capital and Beenext Asia. The company offers an online B2B platform with affordable and reliable specialized chemical solutions. The company manufactures specialized chemicals across different industries including pharmaceutical, agrochemical, and personal care. The startup plans to use this investment to enhance its solutions, advance its manufacturing process, and expand its services in over 20 countries. The specialized chemical startup aims to strengthen its market presence and revolutionize the specialized chemical sector globally.
