A fast-growing chemicals manufacturer has something to celebrate – 32 million somethings.
The only producer of bio-based peroxide solutions, announced that its $32 million Series B funding round has closed.
The round was led by San Francisco-based Founders Fund, and Y Combinator, Refactor Capital, Fifty Years, and KdT Ventures all also contributed to the round.
Solugen only closed its Series A – a $13.5 million round – just over six months ago.
The company has created bio-based solutions that are revolutionizing the chemicals industry by making processes more efficient, safer, and cheaper.
According to the release, the company has 10 more products in the works awaiting patent filings and revenue has grown 10 times over in the past year thanks to multiple multi-million dollar contracts.
The funds will allow the company to continue to grow its chemical products in order to keep up with client demand.