NYA FOUNDER SPOTLIGHT ‒ GREG NEWBLOOM, MEMBRION FOUNDER & CEO
As the Founder and CEO of Membrion, Greg Newbloom says the best part of his job is working with his awesome team. Membrion is a cleantech startup that specializes in electro-ceramic desalination to recycle wastewater from harsh industrial processes. Greg discusses why NYA is an easy to group to work with, why founders need 6-9 months for fundraising, and what causes deep friction between investors and founders.
How did you first meet New York Angels?
One of our existing investors introduced us to New York Angels as we were raising our last round, which was about two years ago. New York Angels has a strong network in the early-stage community.
What was the fundraising process like for you?
Fundraising is a long process. It involves talking to a lot of people and trying to find the right fit between the investor and the fund and the company. For Membrion, we prioritized finding the right group of people. We wanted to get the right people on our board. The hardest part is always finding the lead investor who will price the round and help set the tone and terms. After that, we focused on building the right syndicate with complementary networks and skills.
What were you looking for in investors when you were fundraising, and why did you choose to work with New York Angels?
Membrion was looking for investors with robust networks especially as we were hiring and working with large corporations as part of our sales process. Beyond financial resources, we were looking for investors who could add value through their networks and potential introductions.
What have you enjoyed most about working with New York Angels?
New York Angels has been a really easy group to work with through fundraising, but more importantly after fundraising. I interact with investors quite frequently, and what I really appreciate is that NYA Members are engaged but not overbearing. If I need something, they are very helpful, but otherwise they are happy to take a support role. That kind of balance is what you want as an entrepreneur.
What advice would you give other founders who are looking to fundraise?
Starting early is really important especially if you are in deep tech, where it takes a while just to fundraise. Leaving 6-9 months is helpful to ensure you’re not running on fumes by the time you reach negotiations. I do also think it’s really important to find people you enjoy working with. Entrepreneurship is filled with lots of ups and downs. There are times when it’s absolutely exhausting, and you want the people around you to help you keep going and not weigh you down. There’s nothing worse than having the wrong person on the team, especially as investors.
What advice would you give other early-stage investors who are looking to invest in companies?
For early-stage investors, so much of the investment process should be about making sure there’s the right team in place. Especially at the early stage, the people involved are the most critical factor.
It is also important to have really strong understanding of the market because when there's a mismatch, that can create deep friction. If a company runs into roadblocks and the investor doesn’t understand the market, it creates a challenging environment between investors and the management team. If investors bring an understanding of the market, it can be a much more collaborative experience where the investors can help the company move to where they need to be. Taking time to really understand the dynamics of the particular market and being able to offer guidance is important.
What has driven Membrion’s success?
Our success fundamentally comes down to the people. We have a really great technology, and we’re in an interesting, rapidly changing market, which positions us well. Our ability to capitalize on that to craft and execute a strategy all comes down to the people involved. We have recruited incredibly talented people, who are probably overqualified for the stage thHat Membrion is at right now. Bringing people in with outsized capabilities and talents has allowed us to meet challenges and opportunities faster than we otherwise would have.
What has helped drive your sucess an entrepreneur?
My life is split between two stark, contrasting realities: 1) I am running a business that is scaling very quickly; and 2) I am a dad to two young boys, a 1-year-old and a 3.5-year-old. When I am home, I go completely radio silent for a few hours every night getting everyone to dinner and bed.
That is an important balance that I do not talk much about in professional settings, but it is how I am able to operate at such a high level. That daily break and balance is critical for me to reconnect, refresh, and be able to have the energy to come back and do it again each day.
What motivates you?
I have always wanted to do work where I could be really proud of the outcome. By helping with resource circularity on water and critical minerals, as Membrion is successful, we are making a tangible impact on people’s lives and in the quality and quantity of water that we can keep in the water cycle. When times are challenging, being able to say “This truly matters” is what helps us continue on our mission.
Personally, I am also very competitive. I like to push myself at a high rate to learn quickly. I have a mindset that everything is about learning and growth. For me, it’s not necessarily about getting to a destination, but I truly believe it’s the journey that matters. When I look back at what has changed in the last two years and realize how much has changed because of the rate we are pushing at, I think that is deeply rewarding and drives our ability to win and compete.
