Malama Raising Series A Funding

8/2/11Follow @bvbigelow

San Diego-based Malama Composites, a cleantech startup that uses green materials to make structural foam, has raised almost $696,000 of equity funding in a round that is targeting almost $1.2 million, according to a recent regulatory filing. Malama CEO David Saltman says it represents about half of a $1.5 million Series A round the company hopes to close in coming weeks. Malama co-founder Ned McMahon described the startup’s origins for Xconomy in 2009, but Saltman says the startup has shifted its focus from surfboards and is now selling other foam products to a variety of customers.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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