Serious Materials Closes $60 Million Series C Financing
Mesirow Financial joins Serious Materials’ blue chip investors
Sunnyvale, Calif. - September 22, 2009 - Serious Materials, the leading energy-saving building materials company in the U.S., today announced that the company 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 Partners, 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 funds will be used to accelerate the rapid growth of the company and complete development of 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,” said 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, Tom Galuhn of Mesirow Financial has 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,” said Kevin Surace, CEO, 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.”
About Serious Materials
Serious Materials develops and manufactures sustainable green building materials that save energy, save money, improve comfort, and aggressively address climate change. Super-insulating full-frame R-value SeriousWindows™ reduce heating and cooling energy costs by up to 50%. SeriousGlass™ super-insulating commercial glass have been installed in over 10,000 projects and offer the highest energy savings in the industry. QuietRock® soundproof drywall reduce material use, enhance livability, and support dense urban construction. EcoRock™, the only true green alternative to gypsum drywall and five times more environmentally friendly, uses 80% less energy in its core production and has the potential to save billions of pounds of CO2 annually. Serious Materials products are manufactured in the company’s five facilities across North America. SeriousWindows and SeriousGlass support energy efficiency funding programs as outlined under the American Recovery & Reinvestment Act (ARRA) including Weatherization (WAP), Green Federal Buildings, State Energy Program (SEP), Energy Efficiency – Conservation Block Grants, Energy Tax Credit for Consumers, and Tax Deductions for Commercial Buildings. The company was commended by both President Obama and Vice President Biden for its advanced energy-saving materials and the work it is doing to re-create American green manufacturing jobs. For more information, visit www.SeriousMaterials.com.
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Concurrent with the Series C financing, Tom Galuhn of Mesirow Financial has joined the Serious Materials Board of Directors.
The funds will be used to accelerate the rapid growth of the company and complete development of next generation, energy-saving building products.
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The funds will be used to accelerate the rapid growth of the company and complete development of next generation, energy-saving building products.
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