Cross-border specialty chemical manufacturing platform Mstack has raised $40 million in its Series A funding round, co-led by Lightspeed and Alphawave, along with debt financing from HSBC Innovation Banking. The company plans to use the funds to expand into new markets across the Middle East, Latin America, and Asia, while strengthening its presence in the United States and other key regions.

Mstack, founded in 2022 by Shreyans Chopra, aims to revolutionize the specialty chemicals industry with a reliable, secure supply chain that mitigates the risks posed by geopolitical disruptions. The platform currently offers solutions in four major categories: oil and gas, coatings, water treatment, and home and personal care.

With this funding, Mstack plans to launch a series of proprietary molecules and formulations within the next 12-18 months, opening up new revenue streams. The company is also set to expand its portfolio by entering the agrochemical and pharmaceutical markets, while ramping up its talent acquisition, particularly in R&D.

The Bengaluru and Houston-based company is now valued at approximately $90-100 million, according to Reuters.

Mstack’s Series A round highlights a surge in investment activity in the specialty chemicals sector in 2024. Recent funding rounds include Scimplify‘s $9.5 million Series A led by Omnivore, Atomgrid‘s $1.2 million seed round supported by Merak Ventures, and Distil‘s $3.1 million seed round from Jungle Ventures and India Quotient.