alterBiota secures $4 million seed financing led by Invest Nova Scotia
by CM Staff
This marks Invest Nova Scotia's second investment in alterBiota, having participated in the company's pre-seed equity financing.
SYDNEY — alterBiota Inc. has closed a $4-million seed financing round led by Invest Nova Scotia and BDC Capital’s Climate Tech Fund with $1.5 million each. An additional $ 1 million was raised from private investors.
“This financing milestone is a major victory for the alterBiota team and our committed partners,” said Mark Masotti, Co-Founder and CEO of alterBiota.
The funds will support industrial product trials, the development of a commercial-scale plant, and the recruitment of additional staff to facilitate the growth, refinement, and commercialization of the company’s bio-graphene admixtures. These admixtures aim to reduce the carbon footprint of concrete, a significant source of atmospheric CO2.
“I was raised in the construction industry and have always felt compelled to make it as sustainable as it can be while delivering real value to customers. With this injection of capital, we’ll be able to take meaningful steps towards making that vision a reality,” Masotti said.
This marks Invest Nova Scotia’s second investment in alterBiota, having participated in the company’s pre-seed equity financing.
“alterBiota has combined the right mix of novel technology, industry know-how and business acumen to create a product that’s both easy to use and has huge potential for positive impact in the concrete industry, globally. We’re excited to support alterBiota through their next phase of growth,” said Jennifer Fuccillo, Investment Principal, Invest Nova Scotia.
BDC Capital’s Climate Tech Fund invests in climate technology firms demonstrating high potential to grow into global champions and deliver significant greenhouse gas reductions.
