Angel investors offer funding for creators of blender
Four angel investors provided financial funding for the new generation company creating the Millo blender. Less noise, innovative design and individualisation – these are the advantages the company hopes to offer and stand out with from the crowd in the global market.
Ruslanas Traškelis, the inventor and CEO of the company says that they attracted funds of nearly 100 000 Eur. Four well-known entrepreneurs, who do not want to be disclosed yet, invested in Millo.
In preparation of a Kickstarter campaign
The first investment will be used to launch a campaign on a crowdfunding platform Kickstarter. The company hopes to check the necessity of the product in the market and attract the first customers.
According to R. Traškelis, the blender should become available on the crowdfunding platform at the end of April or in May. If the campaign is successful, the company will dive into the search of bigger investments.
“We will aim to get higher investments right after the Kickstarter campaign, and probably it will be done outside Lithuania. That was the agreement with the initial investors – we prepare to the campaign to the maximum and in parallel we develop production so that we could deliver in shorter time. We need to be sure that we will fulfill the promise to the customers who pre-ordered millo”, says the CEO.
Lithuania is still not in the list of countries where registered users can launch their crowdfunding campaigns. For that reason, Millo is starting their second company in the United Kingdom, Cambridge. This should make the search of investments easier, as international venture capital funds are willing to invest into companies that operate in the legal environment that they understand well.