Genomatica has issued $90 million in its latest equity offering, the company announced.
Participants included new lead investor Casdin Capital, returning investor Viking Global Investors (Genomatica’s largest shareholder) and Ginkgo Bioworks. The capital will assist Genomatica in strengthening its balance sheet to fully execute on its sustainability business plan, and fuel new growth opportunities.
Genomatica has delivered two commercial processes:
- One for a biobased 1,4-butanediol (BDO), an ingredient in the production of millions of biodegradable, compostable plastic bags, coffee capsules and food packaging (GENO BDOTM has made tens of thousands of tons of biobased BDO at Novamont’s $110 million production plant since late 2016); and
- A biobased Brontide (INCI: Butylene Glycol), which is being used to make a range of more natural cosmetic and personal care products.
The company is also advancing a new process to make a 100% biobased nylon-6 for clothing and carpets, to help move toward a more sustainable and circular textile economy. Partners include Aquafil and the EFFECTIVE consortium, as well as companies and brands including H&M, Carvico, Vaude and Balsan.
Additionally, Genomatica has announced an expansion of its partnership with Ginkgo. The aim will be to accelerate biotechnology innovations for widely-used chemicals. Ginkgo will provide expanded access to their foundry capabilities and services, and increase its equity stake in Genomatica; Genomatica will then be better positioned to expand its product lines and increase the sustainability of everyday products.
“Genomatica has delivered high-volume bio-based chemicals to market at costs competitive with petrochemical production, not just once but multiple times,” said Jason Kelly, CEO of Ginkgo Bioworks. “We’re doubling down on renewable chemicals through our close relationship with Genomatica—and we’re honored to continue to partner with the best in the market.”
