Indow Windows closes $1.3M investment
By Christina Williams
Sustainable Business Oregon editor
Sam Pardue, CEO of Indow Windows, said his company's participation in the Cleantech Open was key to the closing of a $1.3 million Series A investment.
Indow Windows on Tuesday formally announced its $1.3 million Series A investment that was led by Vision Ridge, a Colorado-based cleantech investment fund backed by the Rocky Mountain Institute and Google among others.
Sam Pardue, Indow Windows CEO, mentioned the round last week at the Portland Seed Fund "graduation." Portland-based Indow Windows was among nine companies to participate in the Portland Seed Fund's mentoring program.
Pardue credits Indow Windows involvement in last year's Cleantech Open, a startup competition that saw the thermal window insert company winning two special awards and coming in second overall in the national round.
Coverage of the Cleantech Open brought Indow Windows to the attention of Vision Ridge Managing Partner Reuben Munger.
"We see the Indow Windows product as having tremendous potential to address a huge market," Munger said in a statement. “There are one billion single pane windows in the United States and Indow Windows offers an affordable, effective, and highly appealing solution to better insulate them."
Munger will join Indow Windows' board of directors.
The Northwest Energy Angels also invested in the Series A, contributing $225,000.
Pardue said the $1.3 million total investment will support Indow Windows' expansion. The company recently finished building a custom software that dealers can use to automate the process of taking window measurements and submitting orders to Indow's North Portland headquarters and manufacturing facility.
The 12-employee company has the capacity at that plant to ramp up to $7 million in annual sales. Pardue declined to disclose Indow's 2011 sales.
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