Posted 2/17/2014 12:00 am
Updated 9 months ago
CycleWood Solutions Inc., a startup formed in the entrepreneurship program at the University of Arkansas’ Walton College of Business, has raised $1.45 million selling stock, according to a Securities & Exchange Commission filing.
CycleWood’s product is a biodegradable grocery bag for use by retailers and consumers. The investment money would be used for “commercialization” of the product, said Nhiem Cao, cycleWood’s president and CEO.
Nhiem said the recent round of funding came from the venture capital firm, Trailblazer Capital LLC of Dallas, which has invested in the startup in the past.
In July, cycleWood moved its headquarters from Fayetteville to Dallas to be closer to its investors, Cao said.
Incorporated in 2011, cycleWood now has five employees and still has an office in Fayetteville, he said.