Indow Windows Completes Series A FinancingJune 19th, 2012 | Category: Industry News
Indow Windows in Portland, Ore., announced that it has closed a $1.3 million Series A investment round to fund sales, marketing and operations as part of a national expansion. The round was led by Vision Ridge Partners, a Boulder, Colo., clean tech-focused venture capital firm, with members of the Northwest Energy Angels (NWEA) investing a total of $225,000 to close out the oversubscribed round.
“This Series A investment round will allow Indow Windows to expand into strategic markets across the United States,” says Sam Pardue, Indow Windows Founder and CEO. “With existing manufacturing capacity and a custom IT system that allows dealers to measure windows with precision and submit and track orders seamlessly, we are ready to drive revenue and customer growth.”
“We see the Indow Windows product as having tremendous potential to address a huge market,” says Reuben Munger, managing partner of Vision Ridge. “There are 1 billion single pane windows in the United States and Indow Windows offers an affordable, effective and highly appealing solution to better insulate them. The management team has made great progress positioning the company for rapid growth.”
According to the announcement, Indow Windows has set up dealers throughout Washington and Oregon and is in the process of setting up distribution in key markets throughout the United States. The company’s product, a thermal window insert, is composed of a sheet of acrylic glazing edged with a patented compression tube, and presses into place on the inside of a window frame without requiring the installation of an interior bracket. “Indow Windows impressed us with their simple solution to a large customer problem of window inefficiency,” adds Brian Arbogast, lead investor with Northwest Energy Angels. “Beyond a great window insert product, their proprietary ordering system, which streamlines the process for everyone, is a real competitive advantage. Above all, it’s a great team focused on growing their business through excellent execution.”