Skipping Rocks Lab, the company behind the product, Ooho!, successfully completed its equity crowdfunding campaign on Crowdcube less than a week after its debut. The company reported it raised £850,000 in funds (although the campaign reports that the company only raised£799,990).
As previously reported, Skipping Rocks Lab described Ooho! as a sustainable packaging alternative to plastic bottles and cups, made from a seaweed extract, which is entirely biodegradable and so natural that users can actually eat it. The company explained for the past two years, it has been developing the material and innovation production technology for Oocho! and has even filed a patent application. It is supported by the Climate-KIC accelerator, which is based at Imperial College London.
“We’ve been selling Oohos from pop ups for the past 6 months in London and recently signed our first commercial license. We are speaking to event organisers, including Virgin Sports and Live Nation, to run pilots this year and major events in 2018. We believe Ooho! can be the global solution to water and drinks on-the-go.”
“Thank you for following this campaign and for all your support. The round is now closed – we have raised an amazing £850,000 in just a few days! This is over our funding target of £400,000 which will give us a longer runway to build value before we go for a series A, and the opportunity to bring forward the development of our second product.”
Funds from the campaign will be used for the Skipping Rocks Lab’s expansion.
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