River Falls, Wisconsin – (February 4, 2014) Magma Flooring LLC (Magma), a privately held new company focused on becoming a leading provider of green, cost-effective and eco-friendly plastic sheeting materials for applications including flooring, plastic printed graphic media, and industrial plastic sheeting, announces today that it has successfully completed its first external equity offering of $2 million dollars. The equity investment round was led by NEW Capital Fund of Little Chute, Wisconsin.
Dr. Gregg Bennett, Magma’s CEO notes, “Magma is at a very exciting time in its brief history. Since being spun out from Interfacial Solutions LLC in 2012, we have developed an exciting line of cost-effective, socially-responsible, and fully-functional engineered plastic sheet materials that are finding broad interest in flooring, print media and general industry. Driving the enthusiasm and sales of our products is our ability to offer cost-effective, recyclable, and fully-functional alternatives for environmentally challenging plastics like PVC. Using its proprietary technology platform Magma will be a pioneer in leading the transition away from PVC plastic sheet in a variety of markets. Over the last year we have hired an excellent team to support the launch, production, sales and marketing of our products. Our new factory will commission in February and sales will begin shortly thereafter. We are pleased to have completed this round of fund raising and will use the proceeds to ensure a full and successful launch of our new business.”
About Magma Flooring LLC: Magma Flooring LLC (Magma) is a privately held company that was spun off from Interfacial Solutions LLC in 2012. Magma intends to become a leading provider of green, eco-friendly and recyclable plastic sheet materials to the flooring, printed graphic display and general industry markets. Magma’s products have been engineered to meet the environmental and sustainability demands of today’s world and offer the performance and cost to effectively replace numerous plastics including PVC. Magma’s products are based on recycled plastics and natural fillers. Unlike PVC, Magma’s products are chlorine-free, phthalate-free, plasticizer-free, have essentially no odor and can be readily recycled. The fully-functional and environmentally sustainable characteristics of Magma’s products make them an ideal choice for customers looking to bring fully-functional green innovation and eco-friendly produects to market. For more information see www.magmaflooring.com and www.magmacomposite.com.
About NEW Capital Fund: NEW Capital Fund, LP was founded in 2006 and is one of the leading venture capital firms in the state of Wisconsin. The firm focuses on making early stage life and material science, information technology and growth stage niche/advanced manufacturing investments and is currently investing out of its second fund. The managing directors at NEW Capital Fund have worked together for years in identifying, financing and assisting early and growth stage companies and bring a long history of investment success, a wide network of co-investors and patient capital to all of our portfolio companies. For more information see www.newcapitalfund.com.