The group invested in EcoTensil earlier this year along numerous other angel groups in a syndicated deal for $850K. There are a number of press releases on the web like this one, and below is a press release we received from the company.
ECOTENSIL CLOSES OVER-SUBSCRIBED SERIES A ROUND, ACHIEVES OTHER SIGNIFICANT BUSINESS MILESTONES
EcoTensil, Inc., maker of the most eco-friendly paperboard utensils available, announced that it has over-subscribed and closed its Series A round of financing, having raised in excess of $850,000. The successful capital raise complements some other important business milestones, such as the shipment of the company’s first SpoonLidz on-package product, and the move into a new, larger office.
LARKSPUR, CA — May 9, 2013. Today, Peggy Cross, Founder & CEO, announced that the company has closed its Series A Preferred stock round. The original target for the Series A Preferred round was $600,000, but in response to strong demand from investors, the company increased the size of the round twice, and ultimately raised in excess of $850,000 in new capital during the round. The new capital will allow the company to strengthen the management team, further protect the company’s intellectual property, and fund growing working capital needs. The highest priority will be to add a senior sales and/or business development executive, to allow the company to more quickly follow up on the many high-level sales leads that have emerged in recent months. The company has recently added two mid/senior level sales resources is bringing on other support staff, in further support of the company’s revenue growth opportunities.
“The company has made tremendous progress since the Series A investment round opened, and now that we are better capitalized, we are in a great position to follow up on the fantastic interest we have been receiving, and rapidly growing demand for our efficient, eco-friendly utensils, and value-added convenient on-package utensils. I would like to personally thank all of our new investors for the confidence that they have shown in our company, and I look forward to our newly expanded opportunity to take EcoTensil to the next level, for the benefit of not only our investors, but also for our customers, the environment, and future generations”. Peggy Cross, Founder & CEO
The company has welcomed Series A investors from a wide range of angel investor groups, including Keiretsu Forum, Harvard Angels, Golden Seeds, Astia Angels, Sacramento Angels, San Joaquin Angels, Sierra Angels, Investors’ Circle, Go Beyond Network, and the Berkeley Angel Network. In addition, an investor from one these angel investor groups will soon be joining the company’s board of directors. This Series A representative on the board will join Barry Gilbert, as another recent addition to the board. Barry was formerly CEO of Smith & Hawkins and COO of Sharper Image, and he is an active angel investor.
Prior to launching the Series A round, the company was focused primarily on introducing its award-winning EcoTaster tasting utensil to the food show and in-store demo market, and to a lesser extent was also focused on bringing its EcoSecurityUtensil to prisons and mental health institutions. However, the company recently received its first order for its on-package SpoonLidz product, with an initial order for 4.2 million units, with 10MM more planned quarterly. The order was from a large multi-national packaging manufacturer and distributor for resale for a school breakfast program. Although this first sale was by far the largest single sale in the company’s history, the company expects to begin shipping even lager orders to this customer on a regular basis by this summer. In addition, the company is in active discussions with several other large potential customers for its SpoonLidz product.
About EcoTensil, Inc.
Ecotensil, Inc., creates the hippest, most eco-friendly and ultra compact utensils available in the market. Our single-use paperboard products are made in the USA from sustainable material, and use much less material than plastic or other biodegradable utensils. Our launch product is the EcoTaster, which in one fun fold, becomes a silky-smooth, sturdy taster for in-store, event, and other sampling purposes. The beautifully brandable EcoSpoon is our full-sized utensil, which is perfect for a full cup of frozen yogurt to a deep parfait cup to a hot bowl of chili. Our ESU EcoSecurity Utensil meets an urgent need for safe utensils in prisons and mental health facilities. Our newest on-package product line is launching with SpoonLidz, a sustainable over-lid, which easily converts to a slick, sanitary, sturdy, and fun spoon. Our award-winning products are patent-protected, and we are actively developing new products as well.
29 First Street
Corte Madera, CA 94925