— A Mankato start-up company has received a $1.5 million investment from a New York-based business development company, which may invest another $1.55 million later on.
Biovation Holdings, Inc., plans on using corn and soybean by-products to create so-called “decorative laminates,” which are coverings that can cover many kinds of surfaces.
The products are extruded into flat sheets or rolls, which can be printed upon and textured. Unlike other laminates on the market, these will be made without formaldehyde or other harmful items.
The company hopes to begin production by this fall under the brand name Biosurf.
The investor, MVC Capital, Inc., based in Purchase, N.Y., reports it will make the second investment, of $1.55 million, depending on certain manufacturing, sales and capital expenditure milestones.
The investor’s chief financial officer, Peter Seidenberg, said in a press release that “We believe Biovation is well positioned to take advantage of numerous opportunities that exist in the highly-fragmented decorative laminates industry.”