Bengaluru-based specialty chemicals startup Simplify is set to raise $5 million in a new funding round, according to sources familiar with the matter. This new round comes just six months after the company’s last funding effort.
“Omnivore is leading the $5 million investment in Scimplify, with existing backers also increasing their stakes,” one source, requesting anonymity, disclosed.
In December last year, Scimplify secured $3.67 million in its seed round from investors 3one4 Capital and Beenext.
Founded by Salil Srivastava and Sachin Santhosh, Scimplify operates as a B2B fulfillment platform, catering to the entire product lifecycle from contract research to commercial chemical manufacturing. The company serves various industries, including pharmaceuticals, personal care, and agrochemicals.
During its previous funding round, Scimplify announced plans to expand its reach to 20 countries and add four new chemical categories. Currently, it operates manufacturing facilities in Karnataka, Hyderabad, and Gujarat.
“The deal is nearly finalized and will value Scimplify in the range of $20-25 million,” another source added.
Omnivore sees significant potential in Scimplify’s agrochemical product portfolio, which includes emulsifiers, plant growth stimulators, biostimulants, adjuvants, and biofertilizers, as indicated on the company’s website.
According to startup data intelligence platform TheKredible, 3one4 Capital holds a 17% stake in Scimplify, while Beenext holds 7%, with the co-founders collectively owning nearly 65% of the company.
Queries sent to Scimplify co-founder Salil Srivastava and Omnivore did not elicit responses at the time of publication.
Scimplify faces competition from Atomgrid and Covvalent. Atomgrid, also based in Bengaluru, raised $1.2 million in a seed round led by Merak Ventures in May this year, while Covvalent secured $4.3 million from Nexus Venture Partners in November 2022.
In June 2023, Omnivore announced the first close of its third fund at $150 million, aimed at making 25-30 new investments in seed and Series A rounds. Some of Omnivore’s portfolio companies include DeHaat, Arya, Stellapps, Reshamandi, Ecozen, Aquaconnect, and Pixxel.
Scimplify’s new funding round reflects continued investor confidence in the startup’s growth trajectory and its potential to innovate within the specialty chemicals sector.
Source:- Entrackr
