Bengaluru-based Scimplify, a B2B fulfillment platform that facilitates the sourcing and production of specialized chemicals, is nearing completion on a new $5 million round of funding. The announcement comes only six months after the business closed its seed round in December 2023.
Investment Led by Omnivore with Participation from Existing Backers
Omnivore will lead the $5 million Series A round, with current investors 3one4 Capital and Beenext set to grow their interests in the company. Scimplify has previously raised $3.67 million from the same investors in its seed fundraising round.
End-to-End Support for Specialty Chemical Needs
Salil Srivastava and Sachin Santhosh founded Scimplify, which serves as a one-stop shop for enterprises in a variety of industries such as pharmaceuticals, personal care, and agrochemicals. The platform supports the whole product lifecycle of specialty chemicals, including contract research, development, and commercial-scale manufacture.
Global Expansion and Product Diversification Plans
During its seed fundraising round, Scimplify set out its plans for international expansion and product category diversification. The company intends to build a presence in 20 countries and offer support for four new specialty chemicals. Scimplify currently maintains manufacturing sites in Karnataka, Hyderabad, and Gujarat.
Valuation Poised for Growth
Sources close to the deal suggest that Scimplify’s valuation is expected to reach the $20-25 million range upon finalization of the Series A round. This signifies significant growth potential for the company.
Omnivore Backs Strength in Agrochemical Portfolio
According to sources, Omnivore’s investment decision was influenced by Scimplify’s robust product portfolio within the agrochemical sector. The company’s website highlights its offerings of emulsifiers, plant growth stimulators, biostimulants, adjuvants, and biofertilizers, catering to the growing demand for sustainable agricultural solutions.
Investor Landscape and Shareholding Structure
Startup data platform TheKredible indicates that 3one4 Capital holds a 17% stake in Scimplify, while Beenext possessed a 7% shareholding as of the seed funding round. The co-founders, Srivastava and Santhosh, collectively hold an estimated 65% stake in the company.
Competitive Landscape in Specialty Chemicals
Scimplify faces competition from other players in the specialty chemicals space. Bengaluru-based Atomgrid secured $1.2 million in its seed round led by Merak Ventures in May 2024. Meanwhile, Covvalent garnered $4.3 million in a funding round led by Nexus Venture Partners in November 2022.
Omnivore’s Continued Focus on Early-Stage Investments
The investment in Scimplify aligns with Omnivore’s strategy of supporting promising startups in their initial growth stages. In June 2023, the impact venture capital firm announced the first closing of its third fund at $150 million, earmarked for 25-30 new investments in seed and Series A rounds. Omnivore’s portfolio includes notable companies like DeHaat, Arya, Stellapps, Reshamandi, Ecozen, Aquaconnect, and Pixxel.
Scimplify Poised for Continued Growth
With the upcoming Series A funding round, Scimplify is well-positioned to accelerate its growth trajectory. The company’s focus on streamlining the sourcing and manufacturing of specialty chemicals, coupled with its commitment to global expansion and product diversification, positions it as a key player in the evolving specialty chemicals market.
Read more: Marketing News, Advertising News, PR and Finance News, Digital News
