After launching its first bottle in 2018, LARQ has aroused great interest among consumers looking for ways to break away from plastic bottles. Last year alone, the Bay Area-based startup was able to sell 75,000 bottles with the help of retail partners like Nordstrom and Bloomingdale. The feat is made even more impressive by the fact that the company's $ 99 supply is pretty high in terms of refillable water bottles.
LARQ's value proposition is in the UV upper limit. As someone who has carried around loads of reusable water bottles since those heady Nalgene days in college, I have some pretty good horror stories about the real mushroom forest that grew inside. Careful washing can be especially difficult with such a narrow container.
The company's products have also generated investment interest. Today the company announced a Seventure-led Series A series valued at $ 10 million with the participation of DCM. The round follows a first seed capital fund that was launched in June last year. LARQs also has a number of major shareholders including Capricorn Investment Group, Heuristic Capital, IdeaFarm Ventures, Augment Ventures, and Warriors Power Forward Draymond Green. Series A brings the company's financing up to date $ 15.7 million.
"At LARQ, we are ushering in a new era of hydration that is better for you and better for the planet," CEO Justin Wang said in a statement to theinformationsuperhighway. “We use consumer-centric product design combined with cutting-edge technology to make it easier to make a healthier, more sustainable choice anywhere, anytime. To make this vision a reality, LARQ needs to meet the consumer at every hydration opportunity, from a bottle for on the go to the home tap and everything in between. "
The LARQ bottle is currently stocked by 88 retailers in 16 countries. However, this round is intended to help drive global expansion even further. Earlier this month, the water purification technology was slated to move to a Brita-style filter. As of this writing, the campaign has hit more than 13 times its $ 50,000 goal. It was definitely the right product for the company at the moment, as the home market has become increasingly important and fewer people are leaving the house.
According to LARQ, the technology had been in development for 10 years before launch. It will be interesting to see how the company evolves as lower cost formats continue to hit the market.