OnGreen is OnTrack for Expanding Operations
Los Angeles-based OnGreen announced yesterday that it has secured $1.4 million in Series A funding from an international partnership of Blue Marble Ventures (here in Los Angeles), and China Southern Hong Kong Investment (over in Shanghai).
OnGreen uses a LinkedIn-style platform to connect innovators working on environmentally sustainable ideas with entrepreneurs looking to invest in such ideas. According to CEO and founder of OnGreen, Nikhil Jain, “more than 250 deals have been posted from 30 countries, with around 30% of those hailing from outside of the U.S. so far.” Aside from connecting environmentally conscious innovators with like-minded and eager investors, OnGreen also facilitates feedback to encourage refined and innovative products.
Jain plans to use the funding to create a Chinese version of the OnGreen website, to build his company’s presence in China and India over the next year, and to start a patent exchange in collaboration with the University of Southern California Energy Institute. We recently publicized OnGreen’s partnership with USC and MWD to bring together technologies and investors at a green technology showcase on November 16, 2010.
Moreover, OnGreen plans to generate revenue from advertising, lead generation, events, custom research, and other sources. Jain expects the company to become profitable by the end of 2011.
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