Health and wellness hydration startup LARQ raises $10m series A funding for further expansion
LARQ, health and wellness hydration brand, announced a round closure of $10 million in Series A funding 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.
Isabelle de Cremoux, CEO of Seventure said: ''With innovative products and an engaging brand, LARQ is redefining hydration for consumers of today and the future. 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.''
David Cheng, DCM Vice President said: ''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.''
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.
Draymond Green, NBA champion athlete said: ''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. 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.''
Justin Wang, Co-founder and CEO of LARQ said: ''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. 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.