Solugen raises $350m make carbon negative chemicals

Houston's Solugen is now reportedly valued at $1.8bn as it raises a Series C round led by GIC and Baille Gifford.

Houston-based Solugen, which is focused on decarbonize the chemicals industry, announced that it raised $350 million in Series C funding, and the company is reportedly now valued at $1.8 billion. GIC and Baille Gifford led the round with participation from Temasek, BlackRock, Carbon Direct, Refactor Capital and Fifty Years.

The company, founded in 2016, previously raised $32 million in a Series B round announced in May 2019.

The latest financing brings its total equity raised to more than $400.

Source: Press release