Scimplify to Raise $5 Million in Latest Funding Round

Specialty chemicals startup Scimplify is set to raise $5 million in a new funding round, according to sources familiar with the development. The financing round, led by Omnivore, comes just six months after Scimplify’s previous funding effort.

“Omnivore is leading $5 million in Scimplify while existing backers will also double down,” said one of the sources requesting anonymity.

Scimplify previously secured $3.67 million in its seed round from 3one4 Capital and Beenext in December last year. The startup, founded by Salil Srivastava and Sachin Santhosh, is a B2B fulfillment platform that operates across the product life cycle, from contract research to commercial chemical manufacturing. It serves industries such as pharmaceuticals, personal care, and agrochemicals.

The company had announced during its last fundraise plans to expand its reach to 20 countries and four new categories in chemicals. Scimplify currently has manufacturing facilities in Karnataka, Hyderabad, and Gujarat.

“The deal is almost finalized and it will value Scimplify in the range of $20-25 million,” said another source.

According to insiders, Omnivore saw potential in Scimplify’s product portfolio of agrochemicals. The company’s website lists offerings such as emulsifiers, plant growth stimulators, biostimulants, adjuvants, and biofertilizers.

Startup data intelligence platform TheKredible reports that 3one4 Capital holds a 17% stake in Scimplify, while Beenext has a 7% holding as of the seed round. The co-founders collectively retain nearly 65% of the company’s shares.

Scimplify did not respond to queries sent to co-founder Salil Srivastava and Omnivore until the publication of this story, according to Entrackr.

Scimplify competes with other startups in the specialty chemicals space, including Atomgrid and Covvalent. Atomgrid, also based in Bengaluru, raised $1.2 million in a seed round led by Merak Ventures in May this year. Covvalent secured $4.3 million from Nexus Venture Partners in November 2022.

In June 2023, Omnivore, an impact venture capital firm, announced the first close of its third fund at $150 million. The fund aims to make 25-30 new investments in seed and Series A rounds. Omnivore’s portfolio includes companies such as DeHaat, Arya, Stellapps, Reshamandi, Ecozen, Aquaconnect, and Pixxel.