ZymoChem Attracts Investments from The Dudley Fund and VCET to Accelerate Vision for Carbon-Efficient BioManufacturing
Vermont-based investors, The Dudley Fund and the Vermont Center for Emerging Technologies, back ZymoChem, a startup reshaping sustainable materials in everyday products.
Burlington, Vermont based consumer products division
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in Vermont Business Magazine
BURLINGTON, VT, Feb. 5, 2024
ZymoChem, the biotechnology start-up developing bio-based materials for everyday products including hygiene items and textiles, announces new investments from the Dudley Fund and the Vermont Center For Emerging Technologies (VCET). This support will contribute to job growth and the development of ZymoChem’s Burlington satellite division. ZymoChem is redesigning manufacturing with ingredients that do not come from fossil fuels, require carbon-intensive production, or persist for hundreds of years.
The announcement comes as part of ZymoChem's recent closure of a $21M Series A funding round, led by Breakout Ventures with investments from Toyota Ventures and lululemon athletica, inc. Previously, ZymoChem has secured several grants from the U.S. government, including their most recent $4M award from the Department of Energy in November 2023. ZymoChem will pair these monies with existing revenues from joint-development agreements to launch its first high-performance material and to advance its first partnered product to commercial scale.
Investments by The Dudley Fund and VCET support the expansion of ZymoChem’s Burlington-based division and contribute to Vermont's reputation as a hub for sustainable and responsible business practices. With this local support, ZymoChem expects to grow its presence in Vermont in 2024 and beyond.
“These investments exemplify the collaborative spirit of Vermont's investment community, which is committed to nurturing talent and ideas that have the potential to make a global impact,” said Joe Giallanella, Vice President and General Manager of ZymoChem’s Burlington-based Consumer Products division.
"Our decision to invest in ZymoChem was driven by the immense potential we see in their work, the synergies with Vermont's rich pool of talent, and our desire to support sustainably-minded companies," said David Bradbury, President and Seed Fund Manager at VCET. Over the last 18 months, the company has been operating from VCET's downtown Burlington coworking office, and Bradbury emphasized the importance of ZymoChem expanding its Vermont office and team as part of their investment roadmap.
The Dudley Fund, known for its mission to create economic opportunity in Vermont, focuses on investments that offer significant, scalable opportunities within the state.
"ZymoChem’s technology has the potential to create enormous economic, social and environmental impact," said John Antonucci, Managing Partner at The Dudley Fund, “not just in terms of job creation and economic opportunity, but in terms of the way that we live our lives and the way that businesses operate and make many of the products we use everyday. Vermont has a long history of pioneering technologies, products and businesses that make the world a better place, and we are excited to support the ZymoChem team as they leverage local services and sustainable business expertise to grow here in Vermont.”
The investments from the Dudley Fund and VCET align with a rising trend of innovation and entrepreneurship in Vermont. This growth, combined with the state's historical commitment to socially-responsible, environmentally-sustainable, and economically-equitable businesses, sets a fertile ground for companies such as ZymoChem.
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About ZymoChem
ZymoChem is breakthrough science for a fossil-free future. Headquartered in San Leandro, CA with a satellite division in Burlington, VT, ZymoChem envisions a world in which the goods we depend on everyday are bio-manufactured from 100% renewable materials and designed for a sustainable economy. Through their multi-generational and multi-product patents, ZymoChem’s proprietary Carbon Conserving (C2) microbes convert renewable feedstocks into bio-based materials without compromising price, performance, scale, or sustainability, while radically minimizing CO2 loss during the production phase. Learn more at www.zymochem.com.
About The Dudley Fund
The Dudley Fund is a Vermont based venture fund focused on supporting companies with the potential to create economic impact in the state. With a network of more than 100 successful local business leaders, the Dudley Fund provides financial and human capital to help founders build and accelerate the growth of their businesses. Learn more at https://www.dudleyfund.com/
About the Vermont Center for Emerging Technologies (VCET)
VCET manages and invests over $15M in “evergreen” venture capital across two funds. VCET focuses on providing essential resources to the next generation of employers in Vermont, from coworking spaces and business advice, to early stage capital. Learn more at https://vcet.co/