PORTLAND, OR (June 12, 2012) Indow Windows, an award-winning thermal window insert manufacturer today 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 Colorado 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,” said Indow Windows Founder and CEO Sam Pardue. “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,” said Reuben Munger, Managing Partner of Vision Ridge. “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. The management team has made great progress positioning the company for rapid growth.”
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. Once installed, customers benefit from increased comfort, reduced energy bills, and quieter spaces. The inserts cost approximately 50 to 80% less than a full window replacement, offering sizeable cost savings without sacrificing performance.
“Indow Windows impressed us with their simple solution to a large customer problem of window inefficiency,” said 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.”
The funding culminates a successful year for Indow Windows, which received a Top 10 Green Building Product of the Year award from Sustainable Industries Magazine. The company also won the national Energy Efficiency Category Award and came in second place for the national grand prize at the 2011 CleanTech Open. Most recently, Indow Windows was awarded a Bronze Medal in the Edison Awards innovation competition.
About Indow Windows
Headquartered in Portland, Oregon, Indow Windows was founded in 2010 when CEO Sam Pardue wanted to find a better way to insulate the windows in his 1906 home. The result: custom-manufactured sheets of acrylic glazing edged with a patent-pending Compression Tube. The company has won numerous sustainability, energy efficiency, consumer product and clean tech awards. For more info: http://www.indowwindows.com.
About Vision Ridge
Vision Ridge is a Boulder-based, investment management firm, primarily focused on the clean tech / clean energy space. Founded by Reuben Munger, a former hedge fund manager from Boston, in 2008 when he led the seed funding of Bright Automotive, a project jointly developed and funded by the Rocky Mountain Institute (RMI), Alcoa, Google, JCI, and others. Since then, Vision Ridge has been an active investor in the clean tech space, having funded companies such as Proterra, Green Garage, McStain, and Indow Windows, among others. Vision Ridge is partnering with the next generation of clean tech companies seeking to transform the world.
About Northwest Energy Angels
Northwest Energy Angels, founded in 2006, is the first angel investment group in North America to focus exclusively on the cleantech industry. A non-profit organization, NW Energy Angels helps create successful cleantech companies by connecting promising entrepreneurs with experienced cleantech investors. NW Energy Angel members add value to the companies they invest in and act as a bridge to institutional investors. To date, members have invested more than $6.5 million in 34 companies. For more information, visit www.nwenergyangels.com.
Northwest Energy Angels
John Williams, Scoville Public Relations