Heatgenie Closes $450k In “Series A” Funding

PRLog (Press Release) - Jul 08, 2010 -
Austin, TX, July 8, 2010-- Austin-based, self-heating technology developer, HeatGenie, announced today that it has closed “Series A” funding in the amount of $450,000.  The investment came from a group of angel investors led by the Houston Angel Network (HAN), but included individual investors from Austin, as well as members of the Central Texas Angel Network (CTAN).   The closing of the “Series A” comes on the heels of $250,000 in funding from the Texas Emerging Technology Fund, which was completed in mid- May.   In total, HeatGenie has raised $1.45 million in equity financing.  

HeatGenie began the fundraising process through the Texas Angel circuit, in late January.   After first presenting to the Houston Angel Network, HeatGenie was invited to present to several other networks, including the North Texas Angel Network, the Concho Valley Angel Newtork (CVAN) and the Central Texas Angel Network (CTAN).  The HeatGenie offering gained significant interest as a result of the cooperative efforts of the Texas angel groups.  “This is a glowing example of how angel networks across Texas are syndicating promising new investment opportunities." remarked Randall Crowder, the Executive Director of the Central Texas Angel Network. “It says a lot about HeatGenie's team and potential that this first round of funding was oversubscribed” he added.  David Steakley, a HAN member who participated in the funding and who led the due diligence, will join HeatGenie’s Board of Directors to represent the “Series A” participants.   “As investors, we’re always on the lookout for ‘homeruns’”, remarked David Steakley.  “HeatGenie’s elegant, self-heating solution, coupled with substantial market demand, positions the company to be one of those homeruns!” he added.  

“We are very pleased and fortunate to have fully funded our “Series A” in this tough economic environment”, said Gary Forni, HeatGenie’s CEO.   The “Series A” funding will be used for continued technology development and to enhance sales and marketing efforts, which are targeted toward leading consumer food/beverage brands and packaging manufacturers.   “We have an exciting technology that will provide our customers an opportunity to offer the ultimate convenience package—food that heats itself!” remarked Gary Forni.