Mascoma Corporation Raises $30 Million in Series B Funding Led By General Catalyst Partners
CAMBRIDGE, Mass.--Mascoma Corporation, the leader in cellulosic biomass-to-ethanol development and production, today announced it has raised $30 million in its second round of venture funding. The financing was led by General Catalyst Partners, with additional participation from Kleiner Perkins Caufield & Byers, Vantage Point Venture Partners, Atlas Venture, and Pinnacle Ventures, as well as existing investors Khosla Ventures and Flagship Ventures.
“We are entering a new and exciting phase,” said Mascoma President and Director Dr. Colin South. “With this second round of funding completed, we are focused on further developing our production technologies and processes to make fuel ethanol from cellulose a practical and sustainable reality for consumers.”
“Cellulosic biomass as a feedstock is key to the mass commercialization of ethanol,” said Hemant Taneja, principal, General Catalyst Partners. “Mascoma’s technology will provide the ability to move beyond corn-based ethanol and prove that a dependence upon foreign oil is far from inevitable.”
Today ethanol in the U.S. is made primarily from corn, a resource with multiple uses with limits to its long term capacity. Ethanol made from cellulosic biomass (e.g. grass, wood, and various agricultural and forestry wastes) takes advantage of significantly lower raw material cost, more plentiful and varied feedstocks, and expands the potential for ethanol to blend with and displace gasoline with a cleaner, renewable, domestically-produced liquid fuel.
This round of funding represents a major milestone for Mascoma, and will be used for further research, the development and construction of new demonstration facilities, as well as designing commercial facilities for additional buildout. “We are focused on developing further cost efficiencies in commercializing cellulosic ethanol, and attracting new partners in complimentary spaces,” said South.
“Mascoma is poised to transform the current model for ethanol production,” said Vinod Khosla, founder, Khosla Ventures. “Mascoma’s research and innovation in the field have solidified our leadership position in commercializing cellulosic ethanol technology, and we expect a great and positive impact on the industry and consumers alike.”
About Mascoma Corporation
Mascoma Corporation is a cellulosic biomass-to-ethanol company with corporate offices in Cambridge MA and R&D labs in Hanover NH. Mascoma is leading in the development of unique biotechnology and partnering in deployment of cellulosic production into the ethanol market.
About General Catalyst Partners
General Catalyst Partners is a venture capital firm that invests in exceptional entrepreneurs who are building the technology-based companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals’ extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business-building and partnership development assistance. General Catalyst has approximately $1 billion under management and is headquartered in Cambridge, Mass. For more information, please visit: www.generalcatalyst.com.
About Khosla Ventures
Khosla Ventures offers venture assistance, strategic advice and capital to entrepreneurs. The firm helps entrepreneurs extend the potential of the Internet to new markets such as mobile and supports breakthrough scientific work such as bio refineries. Vinod Khosla founded the firm in 2004. Vinod has been labeled the #1 VC by Forbes and Fortune recently labeled him as one of the nation's most influential ethanol advocates, noting "there are venture capitalists, and then there's Vinod Khosla." The firm's capital comes entirely from its own partners and a portion of all profits are donated to charitable causes, with an emphasis on micro-finance, education, and the environment. Khosla Ventures is based in Menlo Park, California.