Money moves
Innovative Houston chemicals manufacturing platform provider raises $40M series A
Houston-based Mstack, whose platform helps manufacturers source specialty chemicals, has raised $40 million in a series A funding round.
Lightspeed Venture Partners and Alpha Wave Incubation led the round, which includes a debt facility from HSBC Innovation Banking and money from several angel investors.
In a news release, Mstack says the infusion of cash will enable it to “double down on its mission to disrupt a historically flawed supply chain for specialty chemicals.”
This “doubling down” will include expansion of Mstack’s footprint in the U.S., Middle East, Latin America, and Asia.
“Geopolitical dynamics pose risks for supply chain disruptions in the global specialty chemicals market,” Bejul Somaia, a partner at Lightspeed, says in a news release.
“With demand for these chemicals growing rapidly, there is a need to increase R&D investments and unlock new pockets of supply,” he adds. “As the first institutional investor in Mstack, we believe that the company has tremendous potential to lead this transformation.”
Mstack, founded in 2022, currently serves four business sectors: oil and gas, coatings, water treatment, and home and personal care. The funding will enable it to move into industry segments such as agrochemicals and pharmaceuticals.
The Mstack platform gives buyers a one-stop shop for sourcing, testing, shipping, delivering, and tracking specialty chemicals.
“This new funding affirms investor confidence in our vision and technology to transform global markets. It enables us to expand geographically and intensify our R&D efforts,” Mstack founder Shreyans Chopra says.
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This article originally ran on InnovationMap.
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