New World Angels (NWA), Florida’s premier structured angel investor group, announced today it has invested $1,267,500 into the planned $1.6MM Series A round of Miami-based Source Molecular with the Company’s management and prior investors investing the balance to close the round. Source Molecular is a contract laboratory using DNA techniques in conjunction with EPA-developed IP to identify the species of origin in water sources contaminated with coliform bacteria. The Series A funds will be used to develop new product offerings including self-test kits, project modeling software as well as expand global marketing efforts.
Fecal waste pollution represents the largest market opportunity within water quality issues. Over 10,000 waterbodies are listed by the U.S. EPA as impaired with fecal (pathogenic) pollution with additional waterbodies added each year. The environmental testing market for microbiological contaminants was valued at $1.4 billion in 2013 and is projected to reach over $2.0 billion by 2019. Source Molecular seeks to expand on its established base of state and federal oversight agencies, water utilities responsible for both drinking water supplies and managing sewage systems, conservation groups looking to determine the responsibility of watershed polluters, large animal feed organizations, and storm-water management divisions of commercial enterprises.
Thierry Tamers founded Source Molecular in 2002 and remains its chairman. Thierry holds a B.Sc. in Finance from the University of Florida. In 2012, Mauricio Larenas, who joined Source Molecular as COO and now holds the position of CEO, and Mr. Tamers developed the current genetic testing products that form the cornerstone of today’s revenue and growth potential.
Mr. Tamers commented, “We are grateful to New World Angels for support and counsel as we embark on our growth initiative. Starting with a profitable installed customer base, we intend to bring this valuable technology to communities around the world to help them efficiently deliver safe drinking water to their citizens.”
NWA Vice President Jon Cole who co-led the due diligence team noted, “We are delighted to partner with Thierry and Mauricio to expand Source Molecular’s product line and geographic reach. We appreciate their past success in building the international operations of Beta Analytic Inc., the world’s largest radiocarbon dating facility, and hope to help them do the same in water testing.” Mr. Cole, along with NWA member Kirk Shryoc have agreed to join Source Molecular’s board of directors.
NWA President Steve O’Hara added, “Our $1,267,500 investment in Source Molecular is our largest initial investment in any new opportunity since our founding in 2003. Moreover, this is our sixth investment of 2017, totaling $3.7MM, another six-month record for New World Angels. We look forward to continuing to help Florida start-ups grow in the second half of 2017 and beyond.”
About New World Angels:
New World Angels (NWA) is a group of 68 accredited, private investors, operators and entrepreneurs dedicated to providing equity capital to early-stage entrepreneurial companies with a strong presence in Florida. Members of NWA have extensive experience in founding, building, and managing companies in a wide variety of industries. NWA members are involved in the entrepreneurial communities from Miami Beach to Orlando on Florida’s east coast and from Naples to Tampa on Florida’s west coast. Since 2014, NWA has invested over $12MM in growing US and international companies that are either based in Florida or have a strong presence in the state. In addition to providing funding, NWA members make their expertise and resource networks available to portfolio companies to facilitate a company’s growth.
About Source Molecular:
Source Molecular is a contract laboratory using DNA techniques in conjunction with EPA-developed IP to identify the species of origin in water sources contaminated with coliform bacteria. The client base for Source Molecular comprises state and federal oversight agencies, water utilities responsible for both drinking water supplies and managing sewage systems, conservation groups looking to determine the responsibility of watershed polluters, large animal feed organizations, and storm-water management divisions of commercial enterprises. Most of Source Molecular’s clients are subject to the Federal Clean Water Act, which requires that all municipal, industrial and commercial facilities that discharge wastewater or storm-water into a waterbody (such as a lake, river or ocean) must obtain a permit.