The raise included both existing shareholders and institutional investors for the first time. This investor group was led by venture capital platform Cycle Capital and included Export Development Canada (EDC). With this financing, the Fibracast board will be revamped to reflect this institutional participation and to increase the number of independent directors.
Fibracast’s membranes and systems, including FibrePlate membrane technology, are used by municipal, industrial, institutional, commercial and developer clients worldwide.
“As Fibracast moves to the next phase of our growth, we welcome additional strategic support from our new investors along with existing shareholders,” said Steve Watzeck, CEO of Fibracast.
“The new growth capital will enable us to increase our manufacturing capacity, expand our technology platform, and build up our marketing team.”