Solugen Revenue, Valuation, Funding & Investors

Solugen is valued at $2B as of October 2022.

Last Solugen valuation

$2B

Series D · Oct 2022

Last Solugen funding round

$200M

Series D · Oct 2022

Solugen revenue

$12M

Series B · Apr 2020

Key investors in Solugen

  • Refactor
  • Fifty Years
  • Y Combinator
  • Founders Fund
  • Temasek
  • Baillie Gifford

Solugen Overview

About Solugen

Solugen is a biomanufacturing company producing specialty chemicals from plant sugars via precision fermentation. Houston-headquartered with a facility in Marshall, Texas, it supplies hydrogen peroxide precursors and surfactants to Procter & Gamble. The process replaces petrochemical routes with engineered enzymes and catalysts for carbon-negative output. Solugen addresses applications in personal care, cleaning products, and water treatment.


Founded

2016

HQ

United StatesHouston, TX

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Revenue

$12M (Apr 2020)

Valuation

$2B (Oct 2022)

Solugen Valuation

Solugen is currently valued at $2B, based on its Series D in October 2022.

The $200M round was led by Kinnevik, Lowercarbon Capital and Refactor, with participation from Temasek, Baillie Gifford, Trousdale Ventures and Fifty Years.

Solugen's valuation has grown 8.0x from $250M at its Series B in April 2020 to $2B in October 2022, across 3 priced rounds.

Solugen valuation by funding round

Revenue multiple
Solugen valuation by funding round
DateStageValuationRevenue Multiple
Oct 2022Series D$2B-
Sep 2021Series C$1.8B-
Apr 2020Series B$250M20.8x

Solugen Revenue

Solugen's latest recorded revenue is $12M, as of its Series B in April 2020. At a $250M valuation, that implies a 20.8x revenue multiple.

Solugen revenue by funding round

Solugen revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Apr 2020$12M$250M20.8xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Solugen Funding History

Solugen has raised a total of $642M across 6 funding rounds.

Solugen's first fundraising round was a $4M seed round in October 2017. The most recent completed round was a $200M Series D in October 2022.

Solugen funding rounds

Solugen funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2022Series DKinnevik (lead); Lowercarbon Capital (lead); Refactor (lead); Temasek; Baillie Gifford; Trousdale Ventures; Fifty Years$200M$2BSolugen is a biotech company based in Houston, Texas that reimagines chemical production using enzymes found in nature instead of fossil fuels. The company manufactures commodity and specialty chemicals that are carbon-negative or low-carbon, positioning itself in the clean energy and decarbonization sector. Solugen's patented Bioforge process enables cheaper, faster chemical production without fossil fuel feedstocks, addressing the critical challenge of decarbonizing the chemical industry. In October 2022, Solugen closed a Series D funding round of $200 million, increasing its post-money valuation to $2 billion. The round was led by climate tech investors Kinnevik, Lowercarbon Capital, and Refactor Capital, with participation from returning backers including Temasek, Baillie Gifford, Scottish Mortgage Investment Trust, and Fifty Years. This round brought total funding raised to $635.2 million across multiple rounds, including a prior $357 million Series C in 2021. At the time of the Series D round, Solugen's first Bioforge facility had been operational for approximately one year and was generating a "nearly nine figure business" with high margins from commodity and specialty chemical sales. The company had established relationships with top-tier customers and Fortune 100 technology partners. With a stated goal of removing 10 million tons of CO₂ from the atmosphere, Solugen leveraged its fund raise to break ground on additional manufacturing facilities and advance its pipeline of carbon-negative and low-carbon chemical solutions for both industrial and consumer applications. The Series D funding reflected strong investor confidence in Solugen's business model during a period of increased venture capital activity in clean energy and climate tech sectors. The company's success stemmed from its ability to replicate its chemical engineering process across multiple materials and industries, reducing reliance on fossil fuels while maintaining commercial viability and competitive advantages in cost and speed of production.
Sep 2021Series CBaillie Gifford (lead); GIC (lead); Temasek (lead); K5 Global; Ethos Family Office; Refactor; Fifty Years; BlackRock; Carbon Direct Capital; Quiet Capital$357M$1.8BSolugen is a Houston-based cleantech company founded in 2016 that develops bio-based chemicals using enzymatic and chemienzymatic technology to replace petroleum-based production, aiming for carbon-negative manufacturing from sugars and renewable feedstocks. The company produces products like ScavSol for scale and corrosion inhibition in water treatment, with a Houston BioForge facility capable of 10,000 metric tons per year, and plans to expand with additional facilities in the US Midwest, Europe, and Southeast Asia. On September 9, 2021, Solugen closed a $357 million Series C funding round led by Baillie Gifford and GIC, with participation from Temasek Holdings, BlackRock affiliates, Carbon Direct Capital, Refactor Capital, Fifty Years, and others, bringing total funding raised since inception to over $405 million. The round elevated Solugen to unicorn status with a pre-money valuation of $1.5 billion, the largest VC deal in Houston for 2021 and surpassing prior years. Investors highlighted Solugen's potential to transform the colossal global chemicals market through synthetic biology for decarbonization. Proceeds are earmarked for scaling operations, global expansion, and advancing its chemienzymatic platform beyond oxidation to include reductions, dehydrations, and carboligations, while fully exploiting current products. Subsequent rounds included a $200 million Series D in October 2022 at around $2 billion valuation and a $213.6 million DOE loan guarantee in 2024 for a Bioforge facility, with total funding exceeding $850 million by 2025.
Apr 2020Series BY Combinator; Refactor; KdT Ventures; Fifty Years; Unicorn Venture Partners; Founders Fund; Valor Equity Partners$30M$250MSolugen is a Houston-based startup founded in 2016 that develops bio-based chemicals using enzymatic technology to combat climate change and decarbonize the chemicals industry. The company graduated from Y Combinator in 2017 and focuses on innovative products in the climate-tech chemical space, estimated by CEO Gaurab Chakrabarti to represent a $1-2 trillion annual global market opportunity. In April 2020, Solugen raised $30 million in a Series B extension, bringing total VC funding to $68 million since inception. Investors in this round and prior included Fifty Years, Founders Fund, KdT Ventures, Refactor Capital, Unicorn Venture Partners, Valor Equity Partners, and Y Combinator. This funding lifted Solugen's valuation to $250 million post-money, positioning it close to unicorn status at $750 million away. The capital supports commercialization, accelerating technology adoption, increasing production capacity, and bringing new products to market annually. At the time, the company reported $12 million in revenue for 2019, with CEO estimates of $30-40 million for 2020, though profits were reinvested into R&D. Solugen competes in the emerging climate-tech sector, aspiring to be a key player against traditional chemical giants. The Series B extension followed an initial $32 million Series B close in May 2019 led by Founders Fund. Subsequent rounds included a $357 million Series C in 2021 and $200 million Series D in 2022 at higher valuations, reflecting ongoing growth and investor interest from firms like GIC, Baillie Gifford, and Kinnevik.
May 2019Series BFounders Fund (lead); Y Combinator; Refactor; KdT Ventures; Fifty Years; Hanover Technology Investment Management$32M-Solugen is a biotech company producing bio-based specialty chemicals, including the world's first bio-based peroxide solutions, aiming to decarbonize the chemicals industry through precision fermentation and proprietary mini-mill technology that enables co-location with customers for lower costs and scalability below traditional petrochemical plant thresholds. In May 2019, Solugen closed a $32 million Series B funding round led by Founders Fund, with participation from Y Combinator, Refactor Capital, Fifty Years, KdT Ventures, and Hanover Technology Investment Management, following a $13.5 million raise in October 2018. The funds supported rapid growth, including construction of a 200,000 square foot headquarters in Houston for R&D, logistics, and commercial-scale mini-mill production. The company generated $12 million in revenue in 2019, primarily from energy and industrial customers in Texas, with revenue growing nearly 10 times over the prior year due to multi-million dollar oil and gas contracts. Solugen also launched its first national brand, Ode to Clean, secured the EPA’s Safer Choice Award, and pursued 10 U.S. patents.
Oct 2018Series AFounders Fund (lead); Y Combinator; Refactor; Fifty Years$19M-Solugen, a Houston-based biotech startup founded in 2016, develops bio-based chemicals using proprietary enzymatic technology to decarbonize the chemicals industry, starting with products like bio-based hydrogen peroxide (Bioperoxide) derived from plant materials instead of petrochemicals. The company secured an $18.8 million Series A round in October 2018 led by Founders Fund, with participation from investors including Fifty Years, Refactor, and Y Combinator, aimed at scaling production capabilities and refining core technology. This followed a $4.4 million seed round in October 2017 led by Refactor to expand the team and early bio-manufacturing tech. Funds supported rapid growth in bio-chemical production like BioSol and ScavSol via mini-mills. Solugen progressed with a $32 million Series B in May 2019 again led by Founders Fund, with Y Combinator, Refactor Capital, Fifty Years, and KdT Ventures, to boost production capacity and market reach. Later rounds included a $30 million Series B extension in 2020, $357 million Series C in 2021 reaching unicorn status, and $200 million Series D in 2022 at a $2 billion valuation, plus debt financing in 2024. By late 2020, Solugen declined a $1 billion valuation round to focus on commercial milestones like a new plant for bio-based glucaric acid.
Oct 2017SeedRefactor (lead)$4M-Solugen raised $4.4 million in a seed round in October 2017 led by Refactor Capital to expand the founding team and develop early-stage bio-manufacturing technology. The company specializes in developing plant-derived and bio-based chemicals to decarbonize the chemicals industry. This was the first of multiple funding rounds, followed by a $18.8 million Series A in October 2018 led by Founders Fund, a $32 million Series B in May 2019, and larger rounds including $357 million Series C in 2021 and $200 million Series D in 2022.

Who has invested in Solugen?

19 investors have backed Solugen across its funding rounds, including Refactor, Fifty Years, Y Combinator, Founders Fund, Temasek and Baillie Gifford.

Lead investors include Kinnevik, Lowercarbon Capital, Refactor, Baillie Gifford, GIC and 2 other investors.


Solugen Investors

Investors in Solugen by funding rounds participated
InvestorHQRoundsRoleFirst check
RefactorUnited StatesSan Francisco, CA6LeadOct 2017
Fifty YearsUnited StatesSan Francisco, CA5ParticipantOct 2018
Y CombinatorUnited StatesSan Francisco, CA3ParticipantOct 2018
Founders FundUnited StatesSan Francisco, CA3LeadOct 2018
TemasekSingaporeSingapore2LeadSep 2021
Baillie GiffordUnited KingdomEdinburgh2LeadSep 2021
KdT VenturesUnited StatesAustin, TX2ParticipantMay 2019
K5 GlobalUnited StatesSan Francisco, CA1ParticipantSep 2021
Ethos Family OfficeUnited StatesPhiladelphia, PA1ParticipantSep 2021
Trousdale VenturesUnited StatesLos Angeles, CA1ParticipantOct 2022
GICSingaporeSingapore1LeadSep 2021
Unicorn Venture PartnersUnited StatesLos Angeles, CA1ParticipantApr 2020
BlackRockUnited StatesUnited States1ParticipantSep 2021

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Solugen Competitors

Solugen competitors include listed companies like Sunrun and SMA Solar Technology, and private ones like NextChem, EnergyX, Pivot Bio and Plenty.

Public and private companies comparable to Solugen
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
NextChemItalyVenicePrivate$569M$141M$1.4B2.5x
EnergyXUnited StatesFort Lauderdale, FLPrivate--$475M-
Pivot BioUnited StatesSan Francisco, CAPrivate--$2B-
SunrunUnited StatesUnited StatesPublicly listed$3B$546M$2.1B6.0x
PlentyUnited StatesSan Francisco, CAPrivate--$1.9B-
SMA Solar TechnologyGermanyGermanyPublicly listed$1.7B($77M)$2.2B1.1x

Solugen Public Comps

Solugen is still privately-owned, but its public comps include Saudi Kayan, Castrol India, Olin, Turpaz Industries, Solvac, Nofar Energy, Sunrun, Saudi Industrial Investment Group, Alzchem Group and Teijin.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Saudi Kayan$2.3B$188M1.9x2.0x22.6x18.0x
Castrol India$594M$140M3.2x2.9x13.5x12.5x
Olin$6.8B$544M0.8x0.7x9.5x8.3x
Turpaz Industries$275M$60M8.3x-37.9x-
Solvac-$148M--15.2x-
Nofar Energy$103M$95M49.8x-53.6x-
Sunrun$3B$546M6.2x6.0x33.6x25.4x
Saudi Industrial Investment Group-($41M)--(49.1x)13.9x

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Common questions about Solugen

When was Solugen founded?Solugen was founded in 2016.
Where is Solugen headquartered?Solugen is headquartered in Houston, TX, United States.
Is Solugen publicly listed?No, Solugen is a private, VC-backed company.
What is Solugen's valuation?Solugen was last valued at $2B in its Series D in October 2022.
How much funding has Solugen raised?Solugen has raised $642M across 6 funding rounds.
What was Solugen's last funding round?Solugen's last funding round was a $200M Series D in October 2022, led by Kinnevik, Lowercarbon Capital and Refactor.
Who are Solugen's investors?Solugen's investors include Refactor, Fifty Years, Y Combinator, Founders Fund, Temasek, Baillie Gifford, KdT Ventures, K5 Global, Ethos Family Office, Trousdale Ventures and 9 others.
What is Solugen's revenue?Solugen's latest recorded revenue is $12M (April 2020).
What is Solugen's revenue multiple?Solugen's latest valuation implies a 20.8x revenue multiple ($250M valuation on $12M of revenue).
Which companies are comparable to Solugen?Companies comparable to Solugen include NextChem, EnergyX, Pivot Bio, Sunrun, Plenty and SMA Solar Technology.

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