This week, Seattle-based PicoBrew announced that it has secured $10 million, according to a filing with the Securities and Exchange Commission (SEC), during an investment round that was led by Spring Creek Investment Management.
Last year, the company successfully raised a grand total of $2,290,944 for three of its products: Pico – Craft Beer at Home, KEGSMARTS: Smart Craft Brewpub Kegerator, and PicoBrew Zymatic: Automatic Beer Brewing Appliance. It was also dubbed a winner of a CES Innovation Award for the second year in a row.
The company has reportedly raised more than $15 million in funding. It has a team of more than 30 people near Seattle’s Gas Works Park and plans to hire 20 more employees. More than 76 craft breweries and brewmasters have licensed recipes to be made available as PicoPaks for the Pico, and available in the online PicoBrew BrewMarketplace.
Dr. Bill Mitchell, CEO of PicoBrew and former Microsoft VP, shared with GeekWire:
“PicoBrew has executed on a very managed-growth strategy to date, but now it’s time to put our foot on the accelerator. We’ve worked hard with a lean pioneering team over the past five years creating the patented technologies, innovative product line, brewer partnerships, brand and reputation that set PicoBrew apart.”
PicoBrew will begin to ship its recent project, Pico, later this month.
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