Cross-border speciality chemical manufacturing platform Mstack has raised $40 million in its Series A funding round co-led by Lightspeed and Alphawave along with a debt from HSBC Innovation Banking.
The proceeds will be deployed towards expanding across the Middle East, Latin America, and the Asia, while reinforcing its presence in the United States and other key regions, Mstack said in a press release.
Within the next 12-18 months, MStack plans to commercialize several proprietary molecules and formulations, creating new revenue opportunities in the chemical sector.
As per a Reuters report, the Bengaluru and Houston-based company will be valued in the range of $90-100 million.
Founded in 2022 by Shreyans Chopra, Mstack offers a full-stack solution for sourcing specialty chemicals through a reliable supply chain that is secure against geopolitical disruptions. This enables preferential pricing, strong quality, reliability, and consistency, as per the release.
The company currently offers products in four categories: oil and gas, coatings, water treatment, and home and personal care.
Mstack is now planning to make inroads into agrochemicals and pharmaceuticals. With the fresh proceeds, the firm will also hire talents across functions including R&D.
The specialty chemicals sector has seen significant investment in 2024, with several prominent companies making strides. Recently, Scimplify secured $9.5 million in a Series A funding round led by Omnivore. Atomgrid, based in Bengaluru, raised $1.2 million in its seed round, supported by Merak Ventures in May. Meanwhile, Distil obtained $3.1 million in seed round from Jungle Ventures and India Quotient in June. Additionally, Covvalent raised $4.3 million in November 2022, led by Nexus Venture Partners.
By Entrackr
Source: Entrackr