CleanFiber develops patented technology that transforms recycled cardboard into high-performance, fire-resistant building insulation. The company is positioned as an eco-friendly building materials provider led by CEO Jonathan Strimling. Its product has been adopted by numerous installers across the Northeast and is estimated to have been installed in over 20,000 homes. CleanFiber raised a $28M Series B to support its growth. The company plans to use the funds to scale production, expand its product portfolio, and drive broader adoption of its solutions. The business emphasizes sustainability and building-performance benefits in its core offering. Buffalo-based CleanFiber processes used corrugated cardboard into cellulose insulation for new and existing homes. The company developed a chemical treatment process with scientists at the University of Maine (by 2009) and inherited UltraCell’s patents, later adding its own IP under CEO Jonathan Strimling, who joined in 2012. Its product is formulated to remove contaminants and minimize dust, and it is priced on par with competing insulation. CleanFiber is expanding production capacity to meet demand—existing customers have requested roughly four times the product the company currently ships. The business reports less than 1% monthly churn and net revenue retention well over 100%. It is not yet profitable but the CEO expects profitability within about a year once additional capacity is online. The company also cites favorable market tailwinds such as rebates from the Inflation Reduction Act.

Total raised

$38M

Funding rounds

2

Latest round

Series B

Latest activity

Apr 2024