North Carolina-based startup CycleWood secures $1.45M in funding for commercialization of biodegradable grocery bags
CycleWood Solutions Inc has closed $1.45 million in funding from selling stock, according to a document filed with the Securities & Exchange Commission. The recent round was led by Dallas-based venture capital firm and existing investor Trailblazer Capital LLC, wrote Arkansas Business.
CycleWood is a startup which graduated from the University of Arkansas' Walton College of Business' entrepreneurship program. The company services consumers and retailers with biodegradable grocery bags.
According to president and Chief Executive Officer Nhiem Cao, the capital injection would be used for the 'commercialization' of the product.
Since its inception in 2011, the company had been headquartered in Fayetteville, Arkansas. In order to please investors, it moved to Dallas in July; but still maintains an office in the original city. It currently employs five workers.