Thursday, February 7, 2013

Fledge Finds Funding, Sees First Company Funded

With one funding by a portfolio firm in its pocket, and with a new injection of funds, Seattle-based startup incubator Fledge is looking to recruit seven new startup into its incubator at HUB Seattle by February 18th. Fledge said over the weekend that one of its first companies, BURN Manufacturing, has raised $4.0M in funding, for its technology to help rid Africa of inefficient cook stoves. The incubator also revealed it has raised $307,000 in financing for itself, which will go towards its new group of companies.

Fledge said that Burn Manufacturing has raised its funds from the U.S. Overseas Private Investment Corporation (OPIC) and General Electric, to establish a clean cookstove manufacturing facility in Kenya with satellite assembly plants in Rwanda, Tanzania and Uganda. The firm's stoves help overcome the primitive cooking conditions in Africa, which results in air pollution--and related issues with pneumonia, lung cancer, and other health issues found from cooking over an open fire every day--and also helps slow deforestation and lowers fuel costs.

Fledge is focused on socially conscious startups, and launched its efforts in April of last year. The incubator is headed by Michael Libes.

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