Munich-based Everdrop, a startup that manufactures cleaning products, raised €18 million (US$ 21.8 million) in a Series A funding round on 25 February 2021.
Investors: The round was led by Felix Capital, with participation from HV Capital and Vorwerk Ventures.
Purpose of the funding: The company is planning to utilize the funding to develop a wider range of sustainable household products and market them across Europe and eventually the U.S.
Everdrop was founded in 2019 by Daniel Schmitt-Haverkamp Christian Becker and David Lowe. The idea behind the product is pretty simple. Everdrop provides a tablet made of household chemicals that can be dissolved in water which can become a cleaning spray for the kitchen, glass and bathroom. The cleaning tablet is attractive for conscious consumers too, as it removes the need for using single-use plastic bottles. Everdrop has almost 110,000 followers on Instagram.
The company claims that it was able to eliminate more than 2.5 million single-use plastic bottles with its tablets. Everdrop has quite a few competitors including Grove Collaborative, Blueland and The Honest Company. Everdrop’s products are not limited to tablets only. They now have a wide range of sustainable laundry detergents which are microplastic-free. Its products address water hardness by tailoring the detergent to the water in the customer’s home area. This means Everdrop can save up to 50% of the unnecessary surfactants in the detergent.
Laundry detergents are a big source of chemical emissions in private households. Everdrop estimates that its products can save almost 250 tons of unnecessary surfactants from going into the environment. It recently launched a new product called the “naked” dishwasher tablet as it doesn’t have the plastic wrapper enveloping these products.
What the founder has to say: “If I’m very honest, it would be cool if the other companies would do it because this is something that I’m really convinced about. If we inspire with our success, the big corporations could finally change into more sustainable products.” — David Lowe, Co-founder of Everdrop.
What the investors have to say: “It is incredible how a truly sustainable brand such as everdrop has a similar growth trajectory in its inception year as its D2C peers Hims and DollarShaveClub.” — David Fischer, investor at HV Capital.
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