Spring Lane Capital
Assembly Line
CleanFiber wants to turn millions of tons of cardboard boxes into insulation
Spring Lane Capital, a sustainability-focused private equity firm, had been watching CleanFiber’s progress and, happy with the numbers the startup was posting, decided to lead a $28 million Series B that also included a $31.5 million project financing facility, TechCrunch has exclusively learned. Spring Lane was joined by Ahlström Invest, AXA Investment Managers, Climate Innovation Capital and Tokyu Construction/Global Brain.
Using an entirely new process to transform a different feedstock into a drop-in replacement for existing cellulose insulation was one challenge the company faced when developing its product. It couldn’t cost any more, and it had to perform as well or better for the installers who deal with it on a daily basis.
With a first-of-its-kind plant built and operational, CleanFiber has been able to traverse one of the most treacherous parts of the valley of death that often claims startups trying to commercialize a new technology. Building new additional factories won’t be a walk in the park, but it should get easier with each subsequent one. Plus, Strimling points out that more stringent building codes mean that new homes require more insulation than ever before. In other words, CleanFiber doesn’t need established players to lose for it to win.