In addition to a loan from HSBC Innovation Banking, the cross-border platform for specialty chemical production, Mstack, has raised $40 million in its Series A fundraising round, which is co-led by Lightspeed and Alphawave.

According to a press release from Mstack, the money raised in the funding round will be used to strengthen the company's position in the US and other important areas while also enabling it to expand throughout the Middle East, Latin America, and Asia.

Within the next 12-18 months, MStack expects to commercialize multiple patented compounds and formulations, providing new income potential in the chemical sector.

The Houston & Bengaluru based company is projected to be estimated between $90-100 million, as per the report by Reuters.

A Full-stack solution provider for procuring specialty chemicals through a steady supply chain secure against geopolitical upheavals, Mstack was established in the year 2022 by Shreyans Chopra.

At the moment, the company sells goods under the following four categories: coatings, water treatment, home and personal care, and oil and gas.
Mstack now intends to enter the pharmaceutical and agrochemical industries. The company will also hire personnel for various roles, including R&D, with the additional funds.

In 2024, a number of well-known corporations made large investments in the specialty chemicals market. Omnivore led a $9.5 million Series A investment round that Scimplify just secured.

Bengaluru-based Atomgrid, backed by Merak Ventures, raised $1.2 million in its seed round in May. In June, Distil secured a seed round of funding totaling $3.1 million from India Quotient and Jungle Ventures. Furthermore, in November 2022, Covvalent raised $4.3 million under the direction of Nexus Venture Partners.