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Corporate Venture
dow.com/venture

Investments

116

Portfolio Exits

35

Partners & Customers

1

About Dow Venture Capital

Dow Venture Capital - an investment arm of The Dow Chemical Company - is focused on pursuing strategic investments that enable and accelerate Dow's business growth while adding value to our portfolio companies. Driven by its rapidly expanding global population, four megatrends serve as the focus of Dow's market-driven strategy. Dow Venture Capital supports this strategy by investing in external innovation in areas of strategic interest to Dow businesses, and pursuing new and disruptive technologies that enable breakthrough business opportunities. Dow Venture Capital's investment portfolio reflects the diversity of Dow business interests, with start-up companies in various stages of maturity across a broad set of markets. It invests in promising businesses and technologies that help address many of the world's most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity.

Headquarters Location

2030 Dow Center

Midland, Michigan, 48674,

United States

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Expert Collections containing Dow Venture Capital

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Find Dow Venture Capital in 1 Expert Collection, including Agriculture Technology (Agtech).

A

Agriculture Technology (Agtech)

24 items

Companies that are using technology to make farms more efficient

Latest Dow Venture Capital News

Dow backs mechanical, chemical recycling expansions

Aug 1, 2022

Resource Recycling Dow has signed agreements to support a variety of recycling plant projects in the U.S. and Europe. Building capacity Dow and London-based Mura Technology announced they intend to build multiple chemical recycling facilities in the U.S. and Europe that would collectively add as much as 1.3 billion pounds of annual capacity. In a July 21 earnings call, James Fitterling, Dow CEO, said the projects will add up to 600,000 tons of plastic recycling capacity by 2030, which is Dow’s largest commitment to scale chemical recycling to date. Dow will purchase some of the feedstock that Mura produces at the plants. Fitterling said Dow’s capacity for circular polymer products will “expand significantly” due to the agreement. “By working together, Dow and Mura will ensure plastic has a viable way to be re-circulated into global supply chains, helping to advance a circular economy for plastics and increase the value of plastic waste,” the press release said. The plants will use Mura’s Hydrothermal Plastic Recycling Solution (HydroPRS) chemical recycling process, which the companies say can be used on all forms of plastic, including flexible and multi-layer applications. Mura’s first plant using HydroPRS is under construction in the United Kingdom and is expected to be operational in 2023. It will supply Dow with a 100% recycled feedstock, the press release stated. Dow also signed a letter of intent with Nexus Circular to buy the output of a newly constructed chemical recycling facility in Dallas. The facility will process and convert over 26,000 tons annually, including hard-to-recycle plastics, using pyrolysis. “Expanding our past, scaled success with Nexus to drive production of high-quality circular feedstocks, the new facility in Dallas marks an important step in meeting unmet market demand for circular plastics in Texas and other markets,” said Manav Lahoti, global sustainability director for hydrocarbons at Dow. Finally, Dow announced it is investing in a “hybrid” recycling site in France, managed by Valoregen. The project is slated to come on-line at the end of the first quarter of 2023. It will combine mechanical recycling and chemical recycling. Dow will be the main recipient of the plant’s post-consumer resin, which it will use to develop new plastic products marketed under its REVOLOOP product range. Learn more in person Eric Hartz, head of Nexus Circular, will be participating in a panel focused on the relationship between chemical recycling and local collection programs at the 2022 Resource Recycling Conference in August in Austin, Texas. See full session details and get registered today. “Valoregen’s ultimate aim is to create a unique ecosystem capable of recycling all forms of plastic waste in one place,” a press release noted. “Both mechanical and advanced recycling technologies are complementary and essential to achieving Dow’s commitment to incorporate at least 100,000 tonnes of recycled plastics in its product offerings sold in the European Union by 2025.” According to the press release, combining the two methods of recycling will increase energy efficiency and offer a yield greater than 80%. “Mechanical recycling remains a significant element of Dow’s circularity strategy, including ensuring Valoregen can scale production to increase recycling in Europe,” the press release said. “Mechanical recycling currently accounts for the vast majority of plastics recycling, however rates are still too low.” The investment was structured and led by Dow Venture Capital. The amount was not disclosed. Aiming for targets During the earnings call, Fitterling said those partnerships will supply about two-thirds of the recycled plastic Dow needs to meet its 2030 goal of 1 million tons recycled. “Most of our brand owners have 30% PCR targets by 2030, and we’re seeing rapid growth in our Dow REVOLOOP’s brand of PCR containing materials year-over-year,” he said. Howard Ungerleider, Dow president and chief financial officer, said on the call that the new agreements will make Dow the largest consumer of recycled plastic globally for polyethylene. Fitterling added that sales of products containing recycled content are increasing dramatically. The REVOLOOP product brand is up about 140% compared to the first half of 2021. “They’re commanding about $1,500 per metric ton and $2,200 per metric ton price premiums, so $1,500 for advanced recycled materials and $2,200 for bio-based products. And that’s compared to the fossil fuel and the virgin alternative,” he said. A version of this story appeared in Plastics Recycling Update on July 26. More stories about brand owners

Dow Venture Capital Investments

116 Investments

Dow Venture Capital has made 116 investments. Their latest investment was in Flyability as part of their Series C - II on September 9, 2022.

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Dow Venture Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/8/2022

Series C - II

Flyability

$15.43M

Yes

3

3/24/2022

Seed VC

Plastogaz

Yes

2

4/17/2019

Unattributed VC - III

MedVet

$2.85M

Yes

1

5/8/2018

Option/Warrant

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$99M

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10

7/5/2017

Seed VC

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$99M

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10

Date

9/8/2022

3/24/2022

4/17/2019

5/8/2018

7/5/2017

Round

Series C - II

Seed VC

Unattributed VC - III

Option/Warrant

Seed VC

Company

Flyability

Plastogaz

MedVet

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Amount

$15.43M

$2.85M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

3

2

1

10

10

Dow Venture Capital Portfolio Exits

35 Portfolio Exits

Dow Venture Capital has 35 portfolio exits. Their latest portfolio exit was XG Sciences on August 29, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

8/29/2022

Asset Sale

$99M

3

12/19/2017

Asset Sale

$99M

1

9/30/2016

IPO

$99M

Public

1

10/6/2015

Acquired

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$99M

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10

5/22/2015

Acq - Fin

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$99M

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10

Date

8/29/2022

12/19/2017

9/30/2016

10/6/2015

5/22/2015

Exit

Asset Sale

Asset Sale

IPO

Acquired

Acq - Fin

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Public

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Sources

3

1

1

10

10

Dow Venture Capital Acquisitions

1 Acquisition

Dow Venture Capital acquired 1 company. Their latest acquisition was United Agriseeds on January 01, 1987.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

1/1/1987

Series A

$99M

$6.95M

Acquired

1

Date

1/1/1987

Investment Stage

Series A

Companies

Valuation

$99M

Total Funding

$6.95M

Note

Acquired

Sources

1

Dow Venture Capital Partners & Customers

1 Partners and customers

Dow Venture Capital has 1 strategic partners and customers. Dow Venture Capital recently partnered with Mura Technology on July 7, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

7/22/2022

Partner

United Kingdom

» Recycling: Dow ties up with Mura, Valoregen and Nexus to build multiple facilities in US/Europe; targeting 600 kt/yr total cap...

The extended partnership is set to considerably increase this supply , playing a significant role in Dow Venture Capital and Mura Technology 's planned global rollout of as much as 600 kilotonnes of advanced recycling capacity by 2030 .

1

Date

7/22/2022

Type

Partner

Business Partner

Country

United Kingdom

News Snippet

» Recycling: Dow ties up with Mura, Valoregen and Nexus to build multiple facilities in US/Europe; targeting 600 kt/yr total cap...

The extended partnership is set to considerably increase this supply , playing a significant role in Dow Venture Capital and Mura Technology 's planned global rollout of as much as 600 kilotonnes of advanced recycling capacity by 2030 .

Sources

1

Dow Venture Capital Team

9 Team Members

Dow Venture Capital has 9 team members, including current Chief Executive Officer, President, Andrew N. Liveris.

Name

Work History

Title

Status

Andrew N. Liveris

Chief Executive Officer, President

Current

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Name

Andrew N. Liveris

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Work History

Title

Chief Executive Officer, President

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Status

Current

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