P2 Science closes US$23M round to accelerate green chemistry in personal care

P2 Science, a green chemistry company, has closed an oversubscribed US$23 million funding round led by Sofinnova Partners, a European life sciences venture capital firm based in Paris, France, London, UK, and Milan, Italy.

The financing will accelerate P2’s commercial growth in beauty and personal care ingredients and expand the company’s green chemistry platform into new markets, including aroma technologies, performance polymers, home care, coatings, and crop care.

New investors Emerald Technology Ventures and GS Futures joined the round alongside continued backing from existing investors, including Lewis & Clark Partners, dsm-firmenich ventures, Connecticut Innovations, Elm Street Ventures, Chanel, and BASF.

The participation from both new and returning partners reflects growing confidence in P2’s commercial traction, proven innovation leadership, and the scalability of its green chemistry platform.

Oihana Elizalde, CEO of P2 Science, says the milestone validates the strength of the company’s technology and the urgency of global demand for clean, scalable manufacturing solutions. 

Sofinnova leads an oversubscribed round joined by new and returning strategic investors, fueling the expansion of P2’s beauty and personal care portfolio. “With this new funding, we are positioned to supercharge our beauty business and bring real green chemistry solutions to entirely new industries. We are deeply grateful to our existing investors, whose continued partnership has been instrumental in getting us here, and we are thrilled to welcome Sofinnova Partners, Emerald Technology Ventures, and GS Futures to the P2 family as we begin this next chapter of growth.”

Momentum builds in personal care and beauty 

The financing continues a period of significant commercial and scientific momentum for P2. 

The company was named on Fast Company’s annual list of the World’s Most Innovative Companies in both 2025 and 2026 and was recently selected for L’Oréal’s €100 million (US$ 109 million) sustainable innovation accelerator, L’AcceleratOR. 

P2 also launched two breakthrough beauty ingredients: Citrolatum P, a one-to-one plant-based replacement for petrolatum, and CitroComplex Nourish, a high-performance natural oil blend for skin and hair care. CitroComplex Nourish is a high-viscosity polymeric emollient derived from renewable forestry byproducts such as pine trees. The company also entered a strategic partnership with Algenesis to develop 100% biobased, biodegradable polyurethanes. 

P2 was recently awarded US$2.8 million in non-dilutive funding from the US Department of Energy’s ARPA-E to accelerate catalyst innovation through AI-enhanced autonomous laboratories.

“P2 Science has demonstrated that green chemistry can compete on performance, not just sustainability credentials. The commercial foundation the team has built in beauty is strong, and the platform has real reach into adjacent markets. We’re excited to support this next phase of growth,” says Michael Krel, a partner at Sofinnova Partners.

Sustainable beauty manufacturing 

The capital raise comes at a pivotal moment for sustainable and advanced manufacturing. 

As brands and consumers demand higher-performing, healthier products, and as global markets accelerate the shift away from petrochemicals, P2 Science says it is positioned to lead in this space, combining a commercially proven beauty ingredients portfolio, a versatile green chemistry platform, and the manufacturing capabilities to scale. 

Earlier this week, Croda unveiled Beauty of Zero, a new program that the company says underscores its strategy for science-backed sustainability initiatives within the beauty and personal care industry. 

And at the recent NYSCC Suppliers’ Day, Eastman told Personal Care Insights that “Sustainability is now a baseline expectation in skin care formulation.”