Connected stove developer MF Fire has become the first portfolio company of the Maryland Momentum Fund.
MF Fire, a US-based cleantech spinout of University of Maryland, College Park, raised a $1.2m round yesterday backed by University System of Maryland’s (USM’s) commercialisation vehicle Maryland Momentum Fund.
Individual investor Bill Clarke also backed the round, to which Maryland Momentum committed $192,500, its first investment since launching in March 2017.
The Momentum fund holds $10m from USM but is targeting a final close at $25m with contributions from VC firms and angel investors.
MF Fire has designed an app-controlled woodfire stove called Catalyst that seeks to reduce air pollution and chimney fires. Catalyst satisfies US emission standards due to take force in 2020 and discharges 30% less carbon than conventional models, MF Fire claims.
The spinout exploits research by two UMCP graduates in fire protection engineering – Ryan Fisher and Taylor Myers, who became chief operating and chief technical officers respectively, alongside entrepreneur Paul LaPorte as chief executive.
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