Serious Materials Closes $60 Million Series
September 22, 2009
Serious Materials has closed $60 million in Series C financing.
The round was led by Mesirow Financial, a diversified financial
services firm in Chicago. Additional new investors included Enertech
Capital, Cheyenne and Saints Capital. Previous investors including
New Enterprise Associates (NEA), Foundation Capital, Rustic Canyon
Partners, Navitas Capital and Staenberg also participated in this
funding round, bringing Serious Materials' total raised capital
to more than $120 million. The company will use the funds to accelerate
its growth and complete development of its next generation, energy-saving
"With a strong management team, vision and industry-changing
technology, Serious Materials is uniquely positioned to drive substantial
growth and have a meaningful and positive impact on the environment,"
says Tom Galuhn, senior managing director for Mesirow Financial
Private Equity. "We're pleased to be in a position to help
fuel the next stage of Serious Materials' growth."
Concurrent with the Series C financing, Galuhn has also joined the
Serious Materials board of directors.
"We are on an important mission to help dramatically save energy,
reduce CO2 emissions and stabilize the climate," says Kevin
Surace, chief executive officer of Serious Materials. "Dramatic
and disruptive innovation must happen now and on a broad scale.
Windows offer the largest opportunity for improvement--fastest payback
and highest energy savings. If all buildings in America were to
use super-insulating, full-frame, high R-value windows of R-5.0
or more, versus standard single or dual pane windows, CO2 emissions
would be reduced by some 200 million metric tons annually."
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