Serious Obtains Additional Investor Funding
Serious Materials, the California-based manufacturer of energy efficient windows, says it has received an additional $60 million in investor financing. The funding is coming from Mesirow Financial, a Chicago-based financial services firm that leads a group of new investors that also includes Enertech Capital, Cheyenne, and Saints Capital.
Previous investors including New Enterprise Associates, Foundation Capital, Rustic Canyon Partners, Navitas Capital, and Staenberg also participated in this funding round, bringing Serious Materials’ total raised capital to more than $120 million, the company reports. The funds will be used to accelerate the rapid growth of the company and complete development of next generation, energy-saving building products, executives report.
“With a strong management team, vision, and industry-changing technology, Serious Materials is uniquely positioned to drive substantial growth and have a meaningful and positive impact on the environment,” says Tom Galuhn, senior managing director for Mesirow Financial Private Equity, who joins the Serious board of directors. “We’re pleased to be in a position to help fuel the next stage of Serious Materials’ growth.”
“We are on an important mission to help dramatically save energy, reduce CO2 emissions and stabilize the climate,” adds Kevin Surace, CEO, Serious Materials. “Dramatic and disruptive innovation must happen now and on a broad scale. Windows offer the largest opportunity for improvement – fastest payback and highest energy savings."
Based in California, Serious Materials manufactures high-performance vinyl and composite windows as well as insulating glass, serving both the residential and commercial markets. Its operations include a window and door plant in California, a high-performance glass plant in Colorado, and the one-time Kensington Windows plant in Pennsylvania and the Republic Windows & Doors plant in Chicago, acquired this year.