Milt Capps
Published Monday, March 28, 2016 5:30 pm
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STONY CREEK COLORS based here has raised more than $600K toward a $1.6MM round and projects raising a further $7MM in equity and debt financing, in steps between now and 2018.
None of its capital has yet come from within Tennessee, Founder, CEO and Majority owner Sarah Bellos confirmed during a brief Venture Nashville interview today.
So far, Stony Creek investors include Village Capital (San Francisco), Sustainable America (Stanford, Conn.) and Radicle Capital (Louisville).
Bellos, 33, said she and co-owner and VP Mark Cooley now have 10 farmers under contract for growing Indigo to produce natural Indigo dye, in the business she has previously projected reaching $70MM revenue in 2019.
Bellos said Baker Donelson attorney Chris Sloan is lead advisor on the capital raise. For an in-depth report on Bellos' other advisors for the eco-friendly startup, please click here.
Tennessee Economic and Community Development (ECD) Commissioner Randy Boyd earlier today announced that Stony Creek projects investing $7.2MM within the next five years for production capacity, creating 50 jobs in Robertson County, near Nashville.
Boyd noted that more than 1,400 Tennesseans are employed in Tennessee's synthetic dye and pigment manufacturing industry.
Bellos told VNC that her jobs projection reflects full-timers only, and does not reflect large numbers of seasonal employees.
The new facility will be created within a renovated tobacco processing plant and will be used to produce bio-based dyes for major denim and clothing manufacturers. Robertson County Economic Development Board is to make the new facility available in June, according to ECD's release.
In addition to ECD and its Launch Tennessee public-private partnership, Bellos and others cited broad state and local collaboration among public and private-sector actors at city, county and state levels in support of her company and the region's farmers who partner with it.
"Stony Creek Colors could not be more excited about our move to Springfield," Stony Creek Colors Founder Sarah Bellos said. "Robertson County's rich agricultural history made it the perfect place to bring experienced farmers into our producer network as we expand natural indigo production in the U.S.
"As more consumers seek to understand the sources behind the clothing they wear, it is critical we ensure that U.S. farmers have access to value-added crops that meet the growing demand for bio-based colors," Bellos said in a release. VNC
Last edited 29 March 2016 0600