Word of CleanFiber is spreading.
The company, which manufactures insulation for buildings at its factory in Blasdell, has attracted an additional $ 11.9 million in investment, most of it generated by referrals, said Jonathan Strimling, CEO.
“Pretty much any investment that comes from someone already in the business or someone they know, and they talk about it,” he said. “The good news is that word is spreading organically about what we do.”
To date, CleanFiber has raised $ 39 million in investment, including $ 500,000 as the winner of the 2016 43North competition. The company, which was previously called UltraCell, moved here from Massachusetts.
The recent investment of $ 11.9 million from multiple sources will help CleanFiber continue its growth curve, Strimling said.
“It’s about increasing production in our factory, so we’re going to invest a lot of equipment and personnel and increase capacity,” he said. The company manufactures high-performance insulation from recycled corrugated cardboard.
CleanFiber has around 45 employees and doesn’t expect that number to grow too much. But the company plans to add production facilities elsewhere in the country.
“This is a product used nationally and internationally, and it’s just not practical to supply customers in California from Buffalo,” Strimling said.