U.S.-based Keen Home is set to close its dual equity crowdfunding campaign on SeedInvest and Crowdcube later this evening with nearly £3 million from more than 300 investors. The campaign was launched last month and quickly secured its initial £570,000 funding target.
As previously reported, Keen Home started with a relatively small crowdfunding campaign on Indiegogo back in 2014. Keen co-founders Ryan Fant and Nayeem Hussain raised just $40,000, Keen then went on to pitch on Shark Tank. The company stated its first product, the patented Smart Vent System, controls a home’s heating and cooling airflow on a room-by-room level, which studies show results in improved comfort and efficiency. The first product originally launched in November 2015, with the first 30,000 units selling out within 10 months of launch. Smart Vents are now distributed in over 500 Lowe’s and 100 Best Buy stores through the US and Canada (in addition to online sales).
“In 2016, Keen Home launched the Smart Filter product extension. Smart Filters monitor their health in real-time, are specially designed for high airflow, and allow whole-home air purification without the noise, cost, and limitations of stand-alone purifiers. Replacement filters can be fulfilled through an auto replacement program called Keen Air Care.”
Keen Home has also formed strategic partnerships with Google’s Nest and Samsung’s SmartThings, are integrated with Ecobee’s smart thermostat, and claimed it received one of the highest valued offers in the history of ABC’s Shark Tank. To date, Keen Home has raised $4.4 million from investors including TechStars, R/GA Ventures, Rugged Ventures, and American Family Ventures.The company is now planning to expand its distribution through pro installers and homebuilders.
All funds from the SeedInvest/Crowdcube campaign will be used to continue the company’s expansion.
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