GMS Looking To U.S. Expansion
November 03rd, 2012
GMS Surface Tech, which produces green and odour-free surface cleaners, has received commitments of about $600,000 in a $700,000 second round of funding that it hopes will fund expansion in the U.S.
The company, which was started by chemistry professors at St. Francis Xavier University in Antigonish, N.S., is raising $400,000 in equity investment, mostly from outside the region, said Chief Marketing Officer Joe Menchefski in an interview. The company has secured $140,000 in support from NRC-IRAP and is hoping to finalize the remainder of the raise with the Atlantic Canada Opportunities Agency. Menchefski expects to close the round this month.
GMS Surface tech makes industrial cleaning products that are so green that you can drink them. In fact, Menchefski does just that during sales pitches, just to show how safe the products are.
“I spray the products in my mouth during presentations,’’ he said. “It’s so people understand that this is the safest thing in schools and hospitals. There’s absolutely nothing that is safer.”
The company makes four odour-free, biodegradable cleaning products, including white board, screen and lens cleaners. The company owns the IP for the latest two, while the earlier product patents are held by St. FX and licensed to GMS.