On March 28, c2renew announced that it raised $150k from undisclosed investors.
This fundraising was done in the form of SAFE notes (simple agreement for future equity).
The company helps clients build custom bio-composite materials for their applications. For example, the company works with locally sourced waste in Fargo to make “stuff”. On the company’s website “coffee mugs made of coffee, sunglasses made of beer, guitar picks made of hemp, if you can think it we can make it.”
The company uses its proprietary process to take natural and recycled materials and then re-engineer those materials for alternative uses. The company’s core expertise is in engineered products – so it does work with other materials – but its primary focus is in green engineering.
The company was founded by Corey Kratcha and received early guidance from North Dakota State University. As part of this guidance, the company was introduced and received early funding from the Dakota Venture Group, one of the premier student-led venture organizations in the country.
This recent round was in the form of a SAFE note. A SAFE note is a financial instrument that has many of the same features of a convertible note – short, simple, no set valuation – but does not have a debt component. Instead, the instrument can be used as a way to hold off formalizing an investment for a later, larger round. To find out more about c2renew – visit their website at www.c2renew.com.