The San Francisco Company LARQ announced receiving US$ 10 million Series-A funding on 29th September 2020 led by Seventure, including the participation of DCM Ventures. The company will utilize the funding amount to expand globally by 2021 and grow as a 360-degree hydration trademark.
The funding details
The Series A funding round was led by Seventure, also included the participation of DCM. The LARQ shareholders now count Capricorn Investment Group, IdeaFarm Ventures, Heuristic Capital, Augment Ventures, and NBA athlete champion Draymond Green. This funding will make the total fundraise by LARQ till now to US$ 15.7 million, including the first one in June last year. To grow in a 360-degree hydration name, the company will start with its product, LARQ Pitcher, which was launched this month. LARQ Pitcher is a sustainable solution to provide clean water at homes or offices.
The UV-C led innovation
Adding up with the qualities of PureVis trademarked UV-C led advanced technology, and an innovative plant-based filter will remove harmful impurities from water, such as LED. LARQ’s plant-based technology utilizes 75% less plastic! AT LARQ, the prime focus is innovation and fostering better technology. The UV-C technology of LARQ was in the development stage for more than one decade before it entered the hydration market and is completely non-toxic and free from elements like mercury. LARQ has planned to use this technology to expand its product before it is launched in the market in 2020.
LARQ self-cleaning water bottles
LARQ is the world’s very first self-cleaning water bottle enterprise. The funding was led with the factors that included completion of one successful year of LARQ, selling of 75,000 units in the year 2019, surpassing US$ 1 million in its monthly revenue bookings in the fourth quarter of 2019, and doubling its business in 2020. Currently, LARQ is stocked by 88 retailers across 16 countries, and the received funding will help them grow further globally.
The company was founded in 2014 by Justin Wang and is based in California. After the first bottle launch by LARQ in 2018, the company interested many customers who want to contribute to a sustainable world with self-cleaning water bottles. LARQ was started with the unique vision of combining technology and inspirational designing that helps people get clean drinking water easily and offering them a sustainable choice.
Funding Investors
Seventure is a VC headquartered in Paris that invests in pioneering companies with high potential growth in digital technologies and life sciences. The company manages the capital of more than €750 million and invests in clinical healthcare. The Silicon Valley-based DCM is a globally centered venture capital. The enterprise manages the assets worth US$ 4.2 billion and has invested in 400 plus budding startups worldwide.
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