In a Google Hangout for Kickstarter backers of the Coolest Cooler, creator Ryan Grepper announced that he has decided to seek additional capital for his company via equity crowdfunding platform CircleUp.
Grepper stated they were seeking $15 million in total during the online raise. He explained that about a third of that money would be directed towards completion of Cooler deliveries of the Kickstarter project. Grepper revealed that a good number of the Coolers had already been shipped, and many were already in the manufacturing process, but still more than half of their original commitment remained unfulfilled. Crowdfund Insider reported last week that Grepper had revealed in a backer update the project had run short of cash forcing a pause in Cooler manufacturing and delivery.
Coolest Cooler remains the second most funded Kickstarter campaign of all time having raised more than $13 million for a multi-function cooler that caught the support of tens of thousands of consumers. It was Grepper’s second attempt at crowdfunding a cooler on Kickstarter with the first try failing to raise the minimum amount of $125,000. The crowdfunding process has clearly been a challenging project for Grepper but, during the Hangout, he remained resolute in his determination and commitment to deliver Coolest Coolers to early backers.
CircleUp is a widely respected equity crowdfunding platform that has targeted the consumer brand space. CircleUp issues securities under Title II of the JOBS Act that allows Accredited Investors to purchase shares in non-public companies. CircleUp is not only a funding platform but also seeks to provide additional assistance to funded companies to help achieve their business goals.
While Grepper was unable to deliver a timeline of when final Coolers would ship, he thanked backers for their patience and understanding. He explained they would deliver Coolest Coolers as soon as financially possible.
Editors Note: Coolest has clarified the funding round. The CircleUp offering is a smaller convertible note and is being conducted in parallel to a larger Series A investment that the Coolest is seeking
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