FloWater, an American beverage company has completed its first ever major round of funding. The company raised fundings worth $15M. Among others, Swedish based company Bluewater led the fundings round.
FloWater provides purified water through its reusable water bottle refilling stations to offices, hotels, gyms, colleges,and schools. The company will use the fundings to place their bottled water out of the enterprise.
As per the company’s founder, Wyatt Taubman, FloWater was started with a bank loan worth $18,600.Mr. Taubman stated in his LinkedIn that he used the loan money to roll out a pilot refill station, and has collected $125,000 from his friends and family, and also took another loan of $62,000 to roll out more refill stations.
Later on, the company collected $950,000 from fundings round from Tech Coast Angels and the Hawaii Angels. In 2016, the company entered into a Series A fundings and raised $2.6M.
In response to environmental issues, Rich Razgaitis,who is the company’s CEO, expressed his concern from the outset: the main reason for obesity in the US is because of the increase in consumption of carbonated and sugary beverages, every year around 40 million plastic water bottle is used and tossed up, millions of oil barrels and millions of pounds of CO2 by-product waste are utilized to develop and transport the bottles, and the plastic bottles contain toxins such as endocrine-disrupting chemicals.
It has a point to make, since other suppliers of the re-filling stations would surely debate, and which clearly induced 13 investors to send checks to the company (according to a new SEC filing).