Revolutionizing Building Insulation: CleanFiber’s $28M Series B Funding Round
CleanFiber Inc., a Buffalo-based materials science startup, is making waves in the construction industry with its innovative approach to building insulation. Recently, the company secured a remarkable $28 million Series B equity funding round, marking a significant milestone in its journey towards sustainable growth.
Founded on the principles of environmental stewardship and technological innovation, CleanFiber manufactures building insulation from recycled corrugated cardboard. This unique approach not only addresses the pressing need for sustainable construction materials but also offers a practical solution to waste management challenges.
Led by CEO Jonathan Strimling, CleanFiber has rapidly gained traction in the market, attracting investments from prominent sustainability-focused firms such as Spring Lane Capital, Climate Innovation Capital, AXA IM Alts, and Tokyu Construction/Global Brain. With the recent Series B round, CleanFiber’s total capital raised, including both equity and debt, has soared to over $100 million.
The company’s success story is deeply rooted in its commitment to innovation and community engagement. After winning a $500,000 prize in the 43North contest, CleanFiber relocated to Buffalo seven years ago, establishing its presence in the region’s burgeoning startup ecosystem. Over the years, the company has expanded its operations, employing approximately 95 people and transforming its factory on the former Bethlehem Steel site in Blasdell into a hub of sustainable manufacturing.
CleanFiber’s impressive growth trajectory is reflected in its year-over-year revenue, which has surged by at least 140% over the last three years. The Series B funding will further accelerate this growth by enabling the company to scale production, diversify its product portfolio, and enhance its market reach through strategic sales and marketing initiatives.
As one of the largest local raises in 2023, CleanFiber’s Series B funding underscores the growing investor interest in sustainable technologies and the company’s potential to drive positive change in the construction industry. With a clear vision and robust financial backing, CleanFiber is poised to revolutionize building insulation and set new standards for eco-friendly construction practices.
Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.
Who We Are:
Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.
Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.
