In Ontario, Genecis Bioindustries Inc. has raised $7 million in Series A funding led by Khosla Ventures and BDC Capital’s Cleantech Practice. The round includes participation from Gullspang Re:food, with returning investors such as AME Cloud Ventures, IT Farm, and Heinz Group. Genecis has also secured a $3 million credit facility from Silicon Valley Bank, subject to customary closing conditions.
A graduate of the prestigious Y Combinator incubator program in Silicon Valley, Genecis manufactures compostable polyhydroxyalkanoates plastics from low-cost food waste.
The investment will accelerate the market launch of Genecis’ first set of products and enable the company to complete the first integration of its technology with the StormFisher biogas plant in London, Canada.