Navitas Capital, a venture capital firm investing in green technology solutions for the built environment, has participated in a USD60m series C investment in Serious Materials.
According to an Ernst & Young analysis based on data from Dow Jones VentureSource, this transaction represents one of the largest US venture capital deals year-to-date in 2009 and is the largest cleantech deal in the energy efficiency category.
Serious Materials develops and manufactures sustainable green building materials that considerably reduce the energy consumption and the environmental impact of the built environment.
The new funding was led by Mesirow Financial Capital and included New Enterprise Associates, Foundation Capital, Rustic Canyon, Enertech Capital, Cheyenne, and Saints Capital.
Navitas is a returning investor, its principals having led Serious Material’s initial financing round in 2005.
Serious Materials will use the capital to fuel the company’s next stage of growth and drive further adoption of its innovative windows, glass and drywall solutions.
"Serious Materials is on track to expand its leadership position in developing and commercializing advanced eco-friendly building materials," says James Pettit, managing partner at Navitas Capital. "Serious Materials is an innovative, next-generation green technology company that is changing the game in several huge sectors within the built environment."
"Navitas has been supportive of our efforts since the very beginning of Serious Materials and we fully appreciate their ongoing commitment," says Kevin Surace, co-founder and chief executive of Serious Materials.