UltraCell Insulation, a producer of high-performance cellulose building insulation made of recycled corrugated cardboard, has closed an oversubscribed bridge financing round with $400K from Investors’ Circle (IC). The deal helped to push the IC’s activity to the highest level the network has seen in years. With the investment in UltraCell, the network has now moved over $10 million into more than 30 high-impact entities in 2016.
“We heard about UltraCell from a number of sources and engaged with the company in detail at IC’s Beyond the Pitch event in San Francisco. Led by an experienced management team, we were attracted to the company’s tangible manufacturing cost advantages and highly-scalable business model, combined with strong job creation and environmental benefits,”
says Sky Lance, Manager of the PCC funds. Lance will be joining the UltraCell board as an observer.
The company’s goal is to produce high-quality cellulose insulation primarily from what is otherwise a waste stream of the corrugated cardboard recycling industry. The insulation meets green buildings codes and promotes energy efficiency. With UltraCell insulation installed in a home, the company anticipates lower heating and cooling costs for home owners (up to 30% reduction) and a benefit to our planet of CO2 reduction of 1-2 tons per home per year.
“We found the entire Investors’ Circle team to be professional in diligence, thorough, thoughtful, and professional in diligence. In fact, IC helped provide introductions to follow-on investors while supporting our launch efforts before we officially closed the round,”
says Jon Strimling, founder & CEO of UltraCell Insulation.
IC participation included ten Investors’ Circle members from five local networks as well as IC’s PCC Fund.
“This investment represents a great collaboration among the IC community. We engaged members across multiple networks including Philadelphia, New York, North Carolina, Colorado, and D.C., as well as the PCC Funds,”
says Eric Chapman, an IC member based out of Philadelphia.
As UltraCell challenges the industry with an innovative product, let us know if you would like to learn more about installing the most energy efficient and environmentally friendly insulation in your home and we’ll send you an update when UltraCell’s product is available in 2017.