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Larq raises $10m Series A funding

Health and wellness hydration brand LARQ has announced the raise of a $10 million Series A funding round.

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, 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 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.”

“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.”

The post Larq raises $10m Series A funding appeared first on UKTN (UK Tech News).

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