ImpactAlpha, October 1 – The Western New York Impact Investment Fund has backed Cleanfiber to add a new production facility and create dozens of jobs in… Western New York.
The Buffalo, NY-based firm uses recycled, corrugated cardboard to make high-quality cellulose insulations for attics, walls and floors.
The $750,000 debt investment from the WNY Impact Investment Fund will help finance a new production facility, which will create around 30 to 35 jobs and produce up to three million bags of cellulose insulation yearly, according to Cleanfiber. The investment is part of CleanFiber’s recent $4.9 million financing round.
The WNY Impact Investment Fund launched last year with $8 million to invest in social enterprises in Western New York. The fund has since backed EcoVerde Organics and Green Machine Equipment.