P2 Science raises $23M to scale green chemistry beyond beauty
What's the deal? P2 Science, a Connecticut-based green chemistry company that turns sustainable feedstocks into high-performance ingredients, has closed an oversubscribed $23 million round. Paris-based Sofinnova Partners led the raise, with new investors Emerald Technology VenturesDealroom has a profile for this one. Try Dealroom → and GS FuturesDealroom has a profile for this one. Try Dealroom → joining alongside returning backers including dsm-firmenich ventures, ChanelDealroom has a profile for this one. Try Dealroom →, BASF, Connecticut InnovationsDealroom has a profile for this one. Try Dealroom →, and Elm Street VenturesDealroom has a profile for this one. Try Dealroom →.
The funding will fuel P2's commercial growth in beauty and personal care — its core market — while expanding its platform into aroma technologies, performance polymers, home care, coatings, and crop care.
"This milestone validates the strength of our technology and the urgency of global demand for clean, scalable manufacturing solutions," said Oihana Elizalde, chief executive officer of P2 Science.
Why now? P2 has built serious momentum. It was named to Fast Company's Most Innovative Companies list in both 2025 and 2026, and was selected for L'Oréal's €100M sustainable innovation accelerator, L'AcceleratOR. It also launched Citrolatum® P, a plant-based petrolatum replacement, and entered a partnership with Algenesis to develop fully biobased, biodegradable polyurethanes.
The US Department of Energy's ARPA-E recently awarded P2 $2.8 million in non-dilutive funding to accelerate catalyst innovation through AI-enhanced autonomous labs — a signal of federal confidence in the company's science.
What could go wrong? Expanding from beauty into polymers, coatings, and crop care means competing against entrenched petrochemical incumbents with vast scale advantages. Green chemistry ingredients often face a price premium that can slow adoption, especially in cost-sensitive industrial markets. P2 will need to prove its platform can deliver competitive performance and economics across very different verticals simultaneously.
The signal: P2 Science's investor roster — spanning Sofinnova Partners, Emerald Technology Ventures, and corporate strategics like Chanel, BASF, and dsm-firmenich — mirrors a growing conviction that green chemistry is graduating from sustainability branding to core supply-chain infrastructure. Dealroom classifies P2 as a "breakout" stage company, and the oversubscribed up round suggests it is reaching an inflection point where platform extensibility, not just a single hero ingredient, is driving valuation. With ARPA-E funding layered on top, the company is assembling a rare mix of public and private capital that could accelerate its push into industrial verticals where petrochemical incumbents have long faced little credible competition.
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