alterBiota Closes $4 Million Seed Round anchored by Invest Nova Scotia & Business Development Bank of Canada (BDC)

Investment will fuel growth in the cleantech Company's core sustainable concrete admixture product

SYDNEY, NS, May 2, 2024 /CNW/ - alterBiota Inc. ("alterBiota" or the "Company") has successfully closed a $4-million seed financing round led by Invest Nova Scotia. Funds will be used for industrial product trials, engineering of a commercial scale plant, and to hire additional staff in order to facilitate the growth, refinement, and commercialization of the Company's groundbreaking bio-graphene admixtures which offer practical and economical means to  reduce the carbon footprint of concrete, one of the world's largest sources of atmospheric CO2.

Invest Nova Scotia and BDC Capital's Climate Tech Fund anchored the round with strategic investments of $1.5 million each. Invest Nova Scotia invests in highly innovative early-stage Nova Scotia companies who solve global challenges. This is the organization's second investment in alterBiota, having also participated in the Company's pre-seed equity financing. BDC Capital's Climate Tech Fund invests in climate technology firms demonstrating high potential to grow into global champions and deliver significant greenhouse gas reductions. An additional $1-million was raised from private investors.

alterBiota - "This financing milestone is a major victory for the alterBiota team and our committed partners," said Mark Masotti, Co-Founder & CEO of alterBiota. "I was raised in the construction industry and have always felt compelled to make it as sustainable as it can be while delivering real value to customers. With this injection of capital, we'll be able to take meaningful steps towards making that vision a reality.

Invest Nova Scotia - "alterBiota has combined the right mix of novel technology, industry know-how and business acumen to create a product that's both easy to use and has huge potential for positive impact in the concrete industry, globally.  Invest Nova Scotia provides capital for growth, attracts private VC funding, and is an ecosystem connecter. Bioeconomy businesses, such as alterBiota, are making the most of our capital as well as intensive infrastructure unique in North America, like Nova Scotia's Verschuren Centre's shared-use bioprocessing facilities, and locally available feedstocks. We're excited to support alterBiota through their next phase of growth," said Jennifer Fuccillo, Investment Principal, Invest Nova Scotia.

BDC - "alterBiota's proprietary, water-based, one-pot-synthesis process creates a novel concrete admixture with virtually no waste that not only ensures superior performance, but also helps to green the construction industry. Investment and innovation in more sustainable building materials are essential to reaching our country's climate targets, that's why our Climate Tech Fund is developing critical mass in the sector. BDC is committed to creating the space innovators like alterBiota need to succeed and develop their business in Canada," said Pascal Lanctot, Partner, Climate Tech Fund at BDC.

People looking to join alterBiota and combat climate change through innovative and practical cleantech products are welcome to check the career section of the Company's website: www.alterbiota.com/careers

SOURCE alterBiota