CellFor Raises $24.5 Million

CellFor Inc., a Vancouver-based producer of varietal tree seedlings for reforestation, has raised US$24.5 million in fourth-round funding. Backers include ATP Capital, CSFB Private Equity, GrowthWorks Capital, and BDC Venture Capital. The company has now raised over $63 million in total VC funding.

PRESS RELEASE
CellFor Inc., the leading producer of elite varietal tree seedlings for reforestation, announced the close of a USD $24.5 million round of financing. The round featured strong participation from existing investors and the addition of a number of new private and institutional investors.

“The success of this financing is a testament to the tremendous progress made by CellFor in developing its production technology and demonstrating the value of its products to the market,” commented Tom Urban, CellFor's President and Chief Executive Officer. Urban further noted that “CellFor now has the resources to expand its production and sales capabilities to make and sell more than 100 million seedlings annually. As an example, we will immediately bring on line a 40,000 square foot facility that will more than triple existing capacity.”

CellFor Chairman, Jonathan Malkin, added, “With t
his increased production base we will be able to meet demand for our elite planting material in North America, South America and Australasia. In addition, we have begun to aggressively investigate the value of our trees and tissue culture expertise in the environmentally critical areas of carbon sequestration and bio-fuels.”

About CellFor
CellFor is the world's leading commercial-scale supplier of high yielding, varietal seedlings for reforestation. The Company's proven and patented propagation technology