In this tough economic environment, venture capital funding can be difficult to find.
In the U.S., startups’ total amount raised in Q1 2023 declined for the seventh straight quarter, according to Pitchbook. Buffalo region startups' two largest closes so far totaled $17.6 million.
CleanFiber, which manufactures building insulation from recycled corrugated cardboard, recently raised $5 million in debt financing and $1.7 million in equity. That’s on the heels of getting a $10 million investment from an investment management company late last year.
When it comes to funding, CEO Jon Strimling said it’s important to know your options. He noted that this takes perseverance and a lot of time.
“You’ve got to be working every angle you can to find capital and exploring a variety of capital sources,” he said. “We’ve certainly done that in our process, looked at different ways to structure financing, talked to a bunch of parties.”
For HELIXintel, looking for options for a strategic partnership when it comes to capital and expertise meant analyzing what industries the startup already works with, said CEO Jon DeWald. The business works with economy sectors like utilities, insurance companies, manufacturers and property managers.
The startup, which provides digital tools that help companies track, maintain and acquire equipment, recently raised a $11 million Series A round that was led by National Grid Partners, the corporate innovation and venture arm of National Grid.
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