Lupe Technology, a UK-based consumer tech brand that’s created “game-changing” cordless vacuums, has launched an equity crowdfunding campaign on Seedrs to raise £650,000 in funding. The company is currently offering 11.45% in equity at a £5,075,023 pre-money valuation.
Founded in 2015, Lupe describes itself as a consumer tech brand that’s looking to create a “cleaner world.” To do this, the company has created a new cordless vacuum cleaner, called Pure Cordless, that addresses the “wide frustration” with cordless devices that have become popular, which is poor performance and running time.
“Based on our patented technology, the Pure Cordless has outstanding power and battery life compared to the competition. The Pure Cordless is the first of many products from our new brand that we see as becoming known for hygiene and longevity. Both of which, we now think more than ever, are at the front of consumers minds.”
Founders of the company, Lucas Horne and Pablo Montero, notably met while working for popular vacuum creator, Dyson. The duo revealed:
“We met working in R&D at Dyson. Together we were technically in charge of a major project to make a vacuum cleaner that was many times better than other products at the time. We learnt a great deal about what a vacuum cleaner needs to do and what makes it last. Following our time at Dyson, we went our separate ways but saw that the problem with cordless vacuums’ poor suction and built-in obsolescence went unaddressed. Lupe was founded, and through many hundreds of prototypes and testing, our team developed the patented Suction Intensifier technology to pick up dust more efficiently, and the unique Lupe Pure Cordless platform to carry it.”
Funds from the Seedrs round will be used for the following:
- Stock
- Marketing
- Overheads/Payroll
The Lupe team added:
“The business has secured over £1.8m of funding to date, between director loans, government grants and soft loans, equity investors and pre-order sales. This takes us to the point of mass production for the mainstream. The funds from this round will be deployed primarily on marketing spend and stock, but also on staffing and business overheads.”
Since its launch, the funding round has successfully raised more than 620,000 from nearly 120 Seedrs investors. It is set to close mid-May.
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