LARQ Raises $10M Series A Financing
SAN FRANCISCO, CA, LARQ, leading health and wellness hydration brand, announced today a round closure of $10 million in Series A funding.
LARQ plans to utilize the capital to continue its global expansion through 2021 and further develop as a 360-degree hydration brand, providing access to clean water globally through sustainable products that lower dependency on single-use plastic.
Led by Seventure, the round included participation from DCM, a distinguished investment firm that has formerly affixed its firm name to technology-based, sustainably-focused brands such as hims, Plenty, and SoFi. Prominent shareholders of LARQ also include NBA champion athlete and Michigan-native, Draymond Green, Capricorn Investment Group (whose prior and current investments include Tesla, Joby Aviation, QuantumScape and SpaceX), Heuristic Capital, David Bell, and Augment Ventures. In addition to the funding announcement, Amanda Chaperot from Seventure, David Cheng from DCM, and Mike Liao from Heuristic Capital will be joining LARQ's board of directors.
LARQ's Series A funding builds upon a tremendously successful year since launch for the young brand, which sold more than 75,000 units in 2019, surpassed $1 million in monthly revenue bookings in Q4 2019, and an anticipated doubling of its business in 2020. LARQ is now stocked by 88 retailers, and available on shelves in 16 countries, partnering with Nordstrom, Net-a-Porter, Bloomingdale's and other leading outlets.
"With innovative products and an engaging brand, LARQ is redefining hydration for consumers of today and the future," said Isabelle de Cremoux, CEO of Seventure. "We are thrilled to join a partner who aligns so perfectly with our vision of health through nutrition and lifestyle, together with our values in sustainability."
"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," said David Cheng, DCM vice president. "We're excited to see LARQ's continued momentum with both in-home and out-of-home hydration solutions."
With more than one million plastic bottles being added to landfills per minute, and more than 27 million Americans alone exposed to contaminated drinking water, LARQ addresses the major consumer pain points encountered in hydration products, beginning with reusable bottles and tabletop filtration. LARQ's patented PureVis UV-C LED technology, first introduced in the LARQ Bottle in 2018, eradicates bio-contaminants like odor-causing bacteria, mold, and viruses at the molecular level providing accessible pure water on-the-go.
Beyond the bottle, LARQ plans to use the funding to expand and develop its product line into a 360-degree hydration brand, beginning with the new LARQ Pitcher, launched earlier this month. The LARQ Pitcher is a sustainable solution for hydration at home or in the office, providing pure water beyond simple filtration with the additions of PureVisTM UV-C LED technology, and LARQ's innovative new plant-based filter which uses 75% less plastic and removes harmful contaminants like lead from the water.
"Finding a company that shares my values is key when I'm choosing to invest, and the LARQ team is very passionate and dedicated to helping the community while building an incredible business," said Draymond Green, NBA champion athlete. "Their mission to make sustainable and healthy hydration options available globally is something I believe in strongly, especially being from the state of Michigan where clean water has been a big issue."
"LARQ is delighted to announce the closing of our Series A round. The injection of capital along with the experience of our VC partners will help to advance our mission of bringing healthier and more sustainable hydration solutions to consumers across the world," said Justin Wang, co-founder and CEO of LARQ. "We are delighted to have Amanda, David, and Mike join our board of directors, and can't wait to see the positive impact we are able to create in the hydration industry with their knowledge and expertise."
Unlike other hydration brands on the market, LARQ puts its technology and innovation at the head. It's PureVis UV-C LED technology was in development for more than a decade before going to market, and is non-toxic and mercury-free. LARQ 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.
For more information, please visit www.livelarq.com
LARQ was started with a simple vision where innovative technology can be combined with inspirational design to help people access pristine drinking water easily and sustainably. The company combines innovative technology with refined design to make it easier for people to make the healthier and more sustainable choice, anytime and anywhere. The company is headquartered in the San Francisco Bay Area, CA.
Co-founder and CEO Justin Wang is a storied leader in the design, technology, and sustainability industries. Prior to founding LARQ, Wang held position as the former President of award-winning beauty and technology company, FOREO, and was an investor with L Capital (now L Catterton), Louis Vuitton Moet Hennessy's investment arm.
CTO and co-founder, Doug Collins, builds on a career of scientific innovation. With a Ph.D. in Physics from the California Institute of Technology, Dr. Collins has been granted more than 35 U.S. and foreign patents covering UV disinfection applications, light, solar, and laser design and manufacturing. Before co-founding LARQ, Dr. Collins was CTO at RayVio Corp., and Chief Scientist at NASDAQ listed Emcore Corporation.
LARQ commits 1% of proceeds to benefit various charities that strive to make clean drinking water more accessible and omit plastic pollution, through its partnership with 1% for the Planet. Join the conversation and pledge to #DrinkBrilliantly by following LARQ on Instagram, Facebook and Twitter. For more information about LARQ, please visit www.livelarq.com.
About Seventure Partners and Health for Life Capital
With over €750 million under management, Seventure Partners invests in innovative companies with high growth potential, in two main areas: life sciences and digital technologies. Seventure invests in clinical healthcare such as drugs, medical devices and diagnostics, industrial biotechnology, as well as "beyond the pill" approaches including related sectors such as digital and connected health, prevention, personalized medicine, nutrition and foodtech, with a particular interest in applications linked to the microbiome.
DCM is a global venture capital firm based in Silicon Valley, Beijing and Tokyo with over $4.2 billion under management. DCM has invested in more than 400 early-stage technology companies globally and provides hands-on operational guidance and a global network of business and financial resources. DCM has backed industry-leading companies, including 51job, 58.com, Blued, Bill.com, BitAuto, Careem (Uber), Dangdang, Fortinet, Freee, Happy Elements, Houchebang (ManBang), Kakao Talk, Musical.ly (TikTok), Sling Media, Sansan, TanTan, Tuniu, UCloud, Uxin, Vipshop and Wrike. DCM has also invested in rising startups, such as Brigit, DXY, Eaze, Figure Technologies, Folio, Hims & Hers, Kuaishou, Lime, Maimai, Peco, Plenty, Pony.ai, SigFig, SoFi and Tempo. For more information, visit https://www.dcm.com.
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