Larq, the creator of the ‘world’s first’ self-cleaning water bottle, has raised $10 million in funding as it aims to expand globally and develop as a 360-degree hydration brand.
The Series A funding round was led by venture capital firm Seventure, with participation from investment company DCM.
Beyond the global expansion of its Larq Bottle – which it launched in 2018 – the US company plans to use the funding to develop its product line into a 360-degree hydration brand. With its entire portfolio, Larq aims to provide consumers around the world with access to clean water through sustainable products that reduce the use of single-use plastics.
According to Larq, it surpassed $1 million in monthly revenue bookings in Q4 2019, while it anticipates a doubling of its business in 2020. To date, Larq is now stocked by 88 retailers in 16 countries.
Larq’s products uses its patented PureVis UV-C LED technology which purifies water by eliminating harmful bacteria, mould and viruses.
The development of its brand will begin with the new Larq Pitcher, launched earlier this month, for at home or in the office. In addition to using UV light to purify the water, the pitcher features a new plant-based filter which Larq claims uses 75% less plastic and removes harmful contaminants like lead from the water.
“Larq’s mission is simple – to provide sustainable and clean drinking water – and in just a few years, its novel UV technology has positively impacted consumers across the globe. We’re excited to see Larq’s continued momentum with both in-home and out-of-home hydration solutions,” said David Cheng, DCM vice president.
Prominent shareholders of Larq also include NBA champion athlete, Draymond Green, Capricorn Investment Group, Heuristic Capital and Augment Ventures.
Larq says it will continue to adapt its proprietary technology for the expansion of the brand’s product line as it breaks into the home market in 2020.
© FoodBev Media Ltd 2020