The startup behind this temperature-controlled mug is raising $4M at a $60M valuation
Ember Technologies, the company behind the temperature-controlled mug, is raising a $4 million series B funding round. It has already secured nearly $750,000 in commitments from investors and told that it has a valuation of $60 million with a $2.73 stock price.
Evidence of the company’s latest round of fundraising appeared in a filing with the Securities and Exchange Commission (SEC) last week. Although the listing said that Ember is seeking $2 million, founder and chief executive Clayton Alexander told us that it’s actually $4 million: “We filed the $2 million notice with the SEC because we were required to file within 15 days of the first closing in our series B.”
Although the company has previously refused to disclose its investors, a spokesperson informed us that so far, existing investors — including the former chairman and CEO of retail company Kohl’s, Larry Montgomery, and the ex-president of Best Buy, Mike Keskey — have participated. Additionally, “several other business leaders and pop culture influencers” have contributed. Leading up to its series B, Ember had raised $2.51 million in funding.
Founded with a mission to “revolutionize the way we eat and drink,” Ember’s first product is a mug it funded through an Indiegogo campaign. It was a success, raising more than $326,000 and exceeding its target by 557 percent. Apparently the fact that a mug can keep your coffee at your preferred temperature is a draw for investors.
The additional funds will be used to not only increase hiring, but also to kickstart product development cycles for its next batch of products. In its pipeline, we’re told, are concepts for baby bottles, dinner plates, beer mugs, and more.
Additional investments will be made in establishing a brand strategy campaign while also helping to bring Ember’s products to retail stores sometime in the second half of this year.