Skip to content

Buffalo Business First: Manufacturing startup closes on $5 million in growth-based funding

Media Coverage

Re-post from Buffalo Business First

CleanFiber has raised $5 million in private funding to expand its manufacturing capacity and expand its sales efforts.

The company is led by CEO Jonathan Strimling. It operates from a 60,000-square-foot factory in Lackawanna where it turns recycled cardboard into building insulation.

The company came to Buffalo in 2017 after winning an award in the 43North business competition.

“We are looking to expand our production capabilities and to ramp sales,” Strimling said. “We’re having a strong reception from our customers and our investors are excited about the prospect of further expansion.”

CleanFiber has millions of dollars in pre-orders and is sold out well into 2020, Strimling said. At full capacity, the company expects to produce about three million bags of insulation each year and have between 30 to 35 full-time employees. CleanFiber currently has 18 employees.

CleanFiber had previously raised more than $15 million in private funding, pushing its total funding amount to $20 million. Local investors include the Buffalo Angels fund, Kevin Christner’s Richmond Capital Partners and the Western New York Impact Investment Fund. The new round was led by IFG Asset Management. IFG managing partner Turner Smith accepted a seat on the company’s board.

CleanFiber is the 14th locally-based company to confirm private, growth-oriented investments this year. Others include Torch Labs ($10 million), OmniSeq ($8.89 million), Squire Technologies ($8 million), Utilant ($7.5 million), SomaDetect ($2 million), Forsake ($1.5 million), Circuit Clinical ($1.2 million), Ru’s Pierogi ($500,000), EagleHawk ($400,000), Buffalo Automation ($375,000), Patient Pattern ($150,000), AirExpert (undisclosed) and OnCore Golf (undisclosed).

Tags: 43North Winners, News

More blog posts

Charging Ahead: Jane Chen’s Electrical Revolution with StepWise

 In this episode of the Latitude podcast by 43North, Justine Palkowski, Senior Marketing Manager, hosts the co-founders of Stepwise, a Y9 cohort company that recently relocated to Buffalo. Stepwise aims to revolutionize electrification, making it affordable and accessible for homeowners. Meet the Team: Jane Chen, Co-founder and CEO, brings a business background and a

Phenomenal Ventures Managing Partner, Helen Min on the 43North Latitude Podcast Graphic
Leaning into Your Strengths for Entrepreneurial Success

Discover the keys to entrepreneurial success as Helen Min, Managing Partner at Phenomenal Ventures, shares insights on playing to your strengths in the startup world. Helen, a Buffalo native with a background in major tech companies and advertising, discusses the evolving role of AI, the power of complementary strengths in founding teams, and the crucial

How Tech Can Save You Money with StoreCash

In our latest Latitude with 43North episode, we sat down with Daricus Releford, Co-founder and CEO of StoreCash, a dynamic app that’s reshaping how you save at your favorite stores. Daricus, part of our year nine cohort, shares the ins and outs of StoreCash, its unique features, and his journey as a black founder in