San Francisco-based business announced the completion of a USD 10 million Series A round to help more people breathe cleaner air.
Electrolux was the firm that led the seed round. According to Mila, it was Electrolux’s first startup investment. Mila’s USD 10 million Series A round was headed by returning partner Cercano Management (the late Paul Allen’s investment firm’s previous venture arm) and “an unknown global consumer goods brand.”
The funds will be used to hire more employees, increase operations, develop its product line, and work toward addressing the worldwide need for better indoor air quality. Mila Halo, a smart humidifier, is also on the way from the startup.
According to the firm, it raised its USD 10 million round in an all-equity deal at a USD 52 million post-money value. It claims that the new valuation reflects a threefold rise in value over the previous year’s seed round.
Grant Prigge, the company’s CEO and co-founder:
“We’re on the verge of a tremendous ‘air awakening,’ with families becoming more concerned about the air quality they breathe. However, the items that most families resort to giving little to no information about whether or not they are genuinely functioning. Mila allows households to monitor and regulate their home air quality quickly.
Mila moved from being a little passion project to a few hundred thousand dollars in angel capital from friends to having Electrolux, one of the world’s top consumer appliance manufacturers, as its first institutional investor. Mila was Electrolux’s first venture investment in its 100-year history.
Paul Allen’s Vulcan Capital backed Mila’s second round after leading the most significant air purifier launch in crowdfunding history, with more than USD 1.5 million in preorders. Cercano Management, a venture offshoot of Vulcan Capital and one of the world’s top consumer products manufacturers, led our Series A.
Consumers are becoming more aware of how important their home environment is to their health; they lack the means to take action. 91% of consumers now understand how air pollution affects their health, yet 69% are unsure what to do about it.
Mila plans to address this issue. The indoor air quality (IAQ) business is worth $16 billion and is ripe for disruption. We want to be the dominating brand that makes every house a healthier place to live.
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