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Cambridge cleantech startup Novogy Inc. has doubled its most recent fundraise, closing the round out at the planned $1.5 million, according to federal documents.
The filing with the U.S. Securities and Exchange Commission shows that Novogy boosted the first $750,000 tranche of the round, filed in March, by a second $750,000 to close out the round. As in the previous tranche, two investors are listed but not named. The filing does name as a related person David Orfao, managing director of General Catalyst Partners. Also noted as a related person is Andrew Ziolkowski of Indiana VC firm Cultivian Ventures.
The first tranche of the round for Novogy consisted of debt, options and warrants for securities, and this new tranche adds to that a straight-up equities placement, according to the filing.
Stealthy Novogy was founded by former Mascoma Corp. executives Colin South and Ginja Collins. While little is known about the company or its technology, comments made by vice president of business development John Niles in a document filed with the U.S. Environmental Protection Agency suggested the company is working on cellulosic biofuels, made from waste paper sludge, to be used in transportation.
Prior to the start of this round in February, Novogy last reported raising $250,000 of a planned $750,0000 round in 2009.
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