Malama Raising Series A Funding
Bruce V. Bigelow8/2/11
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.
