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Serious Materials Closes $60 Million Series C Financing

Post Time:Sep 23,2009Classify:Company NewsView:259

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 building products.

"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."
 

Source: usgnnAuthor: shangyi

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