Lab-grown diamond producer Scio Diamond has secured another $2 million in financing.
The equity financing stemmed from an offering of common shares to accredited investors. Five board members participated in the offering.
Last month, the Greenville, S.C.–based company secured $2.5 million in growth funding, which was used to refinance a $1.5 million loan with a better interest rate and to double production capacity.
“These two funding sources will provide sufficient capital to support Scio Diamond through cash flow break even, which we expect in 2015,” said chief financial officer Jonathan Pfohl in a statement.