Successful exit to help spur new investments across the Commonwealth
We are pleased to announce that MassVentures-backed TerraTherm has been acquired by Cascade Drilling. With the acquisition, the Gardner MA-based company will deliver thermal remediation technologies more broadly and launch organizational and technological advancement to better serve its clients.
MassVentures has established a track record of successfully funding innovative technology companies in Massachusetts that are not adequately served by the venture community, including companies located statewide, “outside the box” industries and first time CEOs and/or founders. Gains realized from this investment will in part be used to further fuel the technology industry and economic development across the Commonwealth.
“The team at TerraTherm is a fantastic example of what Massachusetts-based entrepreneurs can accomplish when working hard and utilizing the resources available to them in the community,” said Nick Pappas, Vice President of MassVentures. “Congratulations to the entire team, their hard work and persistence delivered a great outcome!”
“We didn’t reach this milestone alone. From the beginning, as first-time entrepreneurs, MassVentures provided us with not only the financial backing but with the advice, connections and the guidance needed to succeed in the emerging market of thermal remediation technologies. They were an invaluable resource that remained patient as we scaled the organization. We can’t thank them enough as we move to the next stage of growth,” concludes John Bierschenk, CEO and President of TerraTherm.