Quest for Growth invests 1.7 million USD in DMC
2 December 2021
DMC Biotechnologies has closed its first Series B fundraising, raising $34 million (USD) with investment from Cibus Enterprise, Quest for Growth, Capricorn Sustainable Chemistry Fund, Sofinnova Partners, Breakthrough Energy Ventures, SCG, Boulder Ventures, Solvay Ventures and Michelin.
DMC is commercial with its first product, a bio-based chemical intermediate with primary applications in home care and human nutrition. The company has a deep pipeline of predictable, scalable, cost-competitive products, addressing sustainability challenges across a wide range of industries, including animal nutrition, human nutrition, personal and home care, and a broad range of chemical intermediates.
DMC’s technology platform addresses the key barriers that have plagued the biotech industry for decades including standardization, robustness, and predictability across scale. Addressing these challenges translates to a dramatic reduction in the time to market and the investment needed to bring products to commercialization. Both are significantly improved relative to the industry standard.
Matt Lipscomb, Ph.D., CEO & Co-Founder of DMC said, “Building back better after the pandemic means we need to strengthen domestic manufacturing and improve supply chain resiliency. Biomanufacturing is one critical part of this strategy and DMC is positioned to be a significant part of this change. This financing will accelerate the commercialization of economically attractive and sustainable choices for consumers. We are excited to partner with our new investors and we are grateful for the continued support of our early investors as we advance DMC to the next stage.”
Alastair Cooper, Head of Venture Investments at Cibus said, “DMC has a truly unique technology platform which allows for the efficient production of bio-based chemicals applicable across a range of industries, most notably the human and animal nutrition markets. This substantially reduces the economic and environmental costs of production, allowing customers a more resilient and sustainable supply chain. We’re delighted to partner with Matt and his team who have demonstrated exceptional results at commercial scale already with far less time and cost than traditional biotech approaches.”
Both the Capricorn Sustainable Chemistry Fund and Quest for Growth invested in DMC. The Capricorn Sustainable Chemistry Fund was already an early stage investor in DMC. “Over the years we have seen the team grow and the technology deliver on its promises. DMC demonstrated not only its rapid development cycle, but especially its process robustness and repeatability, resulting in highly efficient fermentation processes for a variety of product families”