Kitchener, Ontario-based Trusscore, a material science company that makes sustainable alternatives for traditional building products, has raised C$26 million in Series A financing. The round was led by Round 13 Capital’s newly created Earth Tech Fund. Trusscore last year closed a C$5.33 million seed financing backed by angel investors.
KITCHENER, Ontario — Thursday, October 14, 2021 – Trusscore, the material science company that makes sustainable, improved alternatives for traditional building products, has raised CDN$26 million in Series A funding. The investment was led by Round 13 Capital from its newly created Earth Tech Fund that will back companies with complementary environmental and commercial mandates.
The 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.
Trusscore leverages advanced nanotechnology and material science to create new, 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 landfill each year.
During the past 18 months Trusscore has 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. Trusscore Wall&CeilingBoard installs four times faster than drywall and is designed to last longer than the structures within which it is installed.
“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,” said Trusscore CEO Dave Caputo. “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 has been named one of Canada’s fastest-growing companies for eight consecutive years by Canadian Business. The company raised CDN$5.33 million in an over-subscribed seed financing round in May 2020. Four months later the company announced a partnership with HGTV home renovation experts Bryan and Sarah Baeumler. 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.
“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,” Round13 Capital General Partner Craig Strong said. “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.”
Trusscore is changing how people construct buildings and the environmental footprint left behind when they do. Trusscore is focusing on R&D and bringing material science to its formulations – making its products functional and beautiful. Trusscore Wall&CeilingBoard is transforming the way the world builds interior walls with a material that installs four times faster than drywall and is incredibly durable, reusable, and recyclable. The company’s marketing and R&D teams are based at the Communitech Hub in Kitchener with manufacturing plants in Palmerston, Ontario, Calgary, Alberta, and Dayton, Ohio. For more information, visit trusscore.com.