Luggage brand July's founders buy 20% of Memobottle
July's founders invested personally, and Athan Didaskalou says the money is for growth, not cash out.
Athan Didaskalou and Richard Li, co-founders of luggage brand July, took a 20% stake in Memobottle. The deal puts Melbourne-based Memobottle at a $10 million valuation.
Didaskalou and Li invested personally and will advise on products, retail and overseas growth. Memobottle is known for its flat, paper-sized water bottles, sold in more than 2,000 retail locations.
Didaskalou said the money will go into growth, not for the founders to cash out. The company's first round bottle, memo Round, debuts on Kickstarter on October 14.
The financial terms beyond the stake and valuation have not been disclosed.
- $10 million
- Valuation
- 20%
- Stake bought
- More than 2,000 retail locations
- Retail reach
- October 14
- Kickstarter debut
Why it mattersThe money is aimed at growth, which could bring the bottles to more shops and countries.
AustraliaFor Australians, the new round bottle launches on Kickstarter, a site where people back products before they are made.
✓ Claims checked against the source and corrected before publish. checked 1 h ago
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