With the tagline “global factory for chemicals,” Mstack Chemicals has raised $40 million in a Series A funding round, the chemical startup announced Thursday.
Headquartered in Houston, Texas, Mstack aims to shape the global chemical supply chain by offering enterprises a platform for sourcing specialty chemicals through a path that is “secure against geopolitical disruptions.”
The successful funding round was co-led by Lightspeed and Alpha Wave Global, as well as included a debt facility from HSBC Innovation Banking. Mstack plans to use the funds to expand across the Middle East, Latin America, and Asia while growing its presence in the United States and other locations, according to Mstack’s press release.
Founded in 2022, the company has established a firm footing in the chemicals industry cross-border supply chain and is now refocusing its efforts on research and development. The two-year old chemical startup is now valued at $90 to $100 million.
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Shreyans Chopra, the Indian American founder of Mstack, said: “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.”
Staying true to his roots, Chopra has established multiple offices in India including Bangalore, Mumbai and a lab in Hyderabad. “Our R&D team in India is poised to commercialize multiple chemicals soon,” Chopra noted.
The chemical startup currently offers products in four categories: oil and gas, coatings, water treatment, and home and personal care. With the recent round of funding, Mstack is making advances into the agrochemicals and pharmaceutical areas among others.
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“Future plans include establishing advanced labs to drive innovation and IP creation, while offering custom formulations and process innovation through our on-demand platform,” Chopra said.
Chopra, who’s career trajectory has taken him from a chartered accountant to an entrepreneur, now appears on the Forbes India’s 30 under 30 list for 2024.
Chopra, a Chartered Accountant by profession, was an early-stage investor in Lightspeed India and co-founder of Funkaar Gigs, an initiative aimed at promoting live music.