Thread LLC placed 4% of its non-brokered $600,000 mezzanine offering with one investor. The company raised an estimated $775,000 via private placements since its foundation.
The for profit company collects plastic bottles, processes them into recycled polyethylene terephthalate flakes which are then turned into fabric and other consumer products. Thread sources plastic from developing countries (for now Haiti) creating a viable recycling infrastructure, cleaning up trash and creating jobs.
Thread, headquartered in Pittsburgh PA, was founded by Ian Rosenberger (CEO) in 2011. The executive team includes Lee R. Kimball II (COO), Jenna Knapp (Director of Strategy), Frank Macinsky (Director of Marketing) and Kelsey Halling (Director of Community Development).