Genomatica Raises $45 Million To Make Sustainable Chemicals, And Greener Spandex (A Good Thing, In This Case)

Lora Kolodny

Lora Kolodny is a technology journalist. As of 2012 she works as a reporter for Dow Jones covering startups and venture capital. Her writing is also syndicated to the Dow Jones owned Wall Street Journal. Lora began reporting on business, technology and entertainment in 2002. She has worked as greentech writer and editor at TechCrunch, and as a staff reporter... → Learn More

Tuesday, March 1st, 2011

Genomatica, a San Diego based producer of chemicals from renewable sources including sugar, raised $45 million in a new round led by VantagePoint Venture Partners, a fund that has committed $2.5 billion to cleantech.

Bright Capital, a venture capital company, joined the round as well with Waste Management, a large provider of waste management services in North America, and the company’s earlier investors including: Alloy Ventures, Draper Fisher Jurvetson, Mohr Davidow Ventures and TPG Biotech. Altogether, Genomatica has raised $85 million in venture capital.

The company will use its new round to bring its first, commercial product mass market. The product is “Bio-BDO,” a chemical that can replace oil or natural-gas derived 1,4-butanediol (regular BDO) in the manufacture of spandex, automotive plastics, running shoes and more.

Bio-BDO is made from renewable feedstocks — a range of sugars— according to the company’s website. Genomatica expects its commercial-scale plant to make Bio-BDO will become fully operational in late 2013. The company will also spend part of its latest round developing additional chemicals from renewable sources.

Financial-organization: VantagePoint Capital Partners
Website: vpcp.com
Launch Date: June 18, 2005

VantagePoint Capital Partners (formerly VantagePoint Venture Partners, until 2011) has more than $4.5 billion in capital under management and invests in the cleantech, healthcare, and IT sectors.

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Company: Waste Management
Website: wm.com
Launch Date: 1894
IPO: May 23, 1971, WM

Waste Management is a provider of waste and environmental services in North America.

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