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Flagship
Ventures Portfolio Co. Mascoma Raises $3.4M of $10M Debt Offering
LEBANON , N.H. -- According to a Reg D filing with the U.S. Securities and Exchange Commission, Mascoma Corp. has raised $3.43 million from 10 investors in its $10 million convertible debt offering.
The Lebanon, N.H.-based company, which develops cellulosic ethanol, was co-founded by Lee Lynd, with initial funding from Cambridge, Mass.-based Flagship Ventures and Khosla Ventures, of Menlo Park, Calif.
This is just the latest
of several rounds since Mascoma was founded in 2005. According to company
news releases:
* In October 2008, the company announced $49.5 million in funding -- $26
million from the U.S. Department of Energy and an overall contribution
of $23.5 million from the state of Michigan .
* In May 2008, Mascoma raised $61 million, including a $10 million equity
investment by Marathon Petroleum Co. LLC, of Findlay , Ohio . With the
completion of that round of financing, Mascoma had raised about $100 million
in equity investments and had received commitments for more than $100
million in state and federal grants.
* In March 2007, Mascoma secured $4.9 million in funding from the DOE.
* In 2006, Mascoma secured $39 million from investors led by Khosla, and
including Flagship Ventures, General Catalyst Partners, Kleiner Perkins
Caufield & Byers, Vantage Point Venture Partners, Atlas Venture and
Pinnacle Ventures. The company also received a $14.8 million matching
grant from the New York State Department of Agriculture and Markets and
the New York State Energy Research and Development Authority to build
and operate a biomass-to-ethanol demonstration plant near Rochester ,
N.Y. That plant was built in Rome , N.Y.
Principals named in this filing are CEO William Brady; executive officers Timothy Linkkila, Keith Pattinson and James Flatt; and directors Lynd, James Matheson of Flagship Ventures, Clifford Cook of Marathon, Bruce Jamerson, Jack Higgins and Hemant Taneja.
Mascoma offers biofuels from non-food biomass wood, straws, fuel energy crops, paper pulp and various agricultural waste products. The company has engineering offices in Boston and research and development labs in Lebanon , N.H.
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