VC-Backed Bust: BioFuelBox Shuts Down
Cleantech startup BioFuelBox has ceased operations, after being unable to reach agreeement on a new round of funding with its investors. The San Jose, Calif.-based company had developed a technology whereby it could convert waste fats and greases from wastewater into "road-grade" biodiesel fuel. It had begun generating revenue from its conversion facility in Idaho, and had raised a $9 million Series A round in 2007 from Draper Fisher Jurvetson and Element Partners. "We were chugging right along, trying to help ease America's dependence on foreign oil," says Marc Privitera, the company's vice president of engineering. "I had no idea we were going to be shut down, but I guess that's common at venture capital-backed companies."
23 March 2010•1 min read
