- Trusscore — a material science company that makes sustainable and improved alternatives for traditional building products — announced it has raised C$26 million. These are the details.
Trusscore — a material science company that makes sustainable and improved alternatives for traditional building products — announced it has raised C$26 million in Series A funding. This investment was led by Round13 Capital from its newly created Earth Tech Fund that will back companies with complementary environmental and commercial mandates.
This investment will enable Trusscore to accelerate its growth by building out its research and development and sales and marketing capabilities and drive additional manufacturing capacity to meet growing product demand. And Trusscore utilizes advanced nanotechnology and material science to create better-performing building products, including its innovative Trusscore Wall&CeilingBoard, a high-strength polymer alternative for drywall that aims to divert some of the millions of tons of drywall that end up in landfills each year.
During the past 18 months, Trusscore extended its success in the agricultural and commercial sectors to the residential market where its products have been used as an alternative to drywall in spaces like basements, garages, and any household area that requires a smooth and durable finish that is easy to maintain and can withstand damp or wet conditions. And Trusscore Wall&CeilingBoard installs 4 times faster than drywall and is designed to last longer than the structures within which it is installed.
Trusscore has been named one of Canada’s fastest-growing companies for 8 consecutive years by Canadian Business. The company had raised CDN$5.33 million in an oversubscribed seed financing round in May 2020.
Four months later the company had announced a partnership with HGTV home renovation experts Bryan and Sarah Baeumler. And in July, Trusscore expanded its manufacturing and distribution capability by acquiring Calgary-based Westech Building Products, complementing manufacturing operations in Dayton, Ohio and Palmerston, Ontario.
The raise is also an important milestone for Round13 as Trusscore is the first investment for its Earth Tech Fund.
KEY QUOTES:
“At Trusscore, we believe the only future is a sustainable future. We are determined to help change the environmental impact of the construction industry with sustainable products that help build a better future for generations to come. This investment in Trusscore will serve as fuel for our growth. Our focus on innovation and material science is driving real demand for our sustainable alternatives to traditional building materials.”
— Trusscore CEO Dave Caputo
“Our new Earth Tech Fund is our first environmental, social, and corporate governance (ESG) fund. We created it specifically to accelerate the growth of companies that have made a commitment to the environment and have sustainability as a strategic business imperative. As a company that is disrupting the status quo in a legacy industry that causes millions of tons of waste annually, Trusscore is the perfect first investment to launch this fund. With Dave at the helm, and his vision for both the company and the overall construction industry, Trusscore is very well positioned for success.”
— Round13 Capital General Partner Craig Strong
