Teforia, a startup that promises to his car makes the perfect cup of tea every time pulled in $ 5.1 million in a deal to help him take on technology brewed beverage space.
The company launched a very successful campaign for pre-order what some consider an expensive device. Teforia pulled in about $ 300,000 total for the introductory price of $ 649 per car during this campaign. Compare this with the same devices as the Breville One-Touch Tea for $ 242 on Amazon.
Teforia founder Allen Khan said that his model is not like the others. “First of all we take a very scientific approach, as well as a very artistic approach,” Khan, who also participated in the development of products such as the XBOX 360 and the Kindle Fire, before striking out on your own, told TechCrunch. “We note the infusion process, so you can see what’s going on with the tea. And what this property SIP, which we use to pull the various elements of the tea.”
SIP, or Selective Infusion Profile system is a proprietary technology developed for the Han Teforia. He said that a special system allows the machine to intuitively guess the right drink for different leaves in order to get the most out of each varietal.
Teforia quickly sold out of the initial 500 machines available, mainly due to successful campaigns in the media, as well as marketing devices makers at high-tech companies around Silicon Valley, according to Han. The company now plans to unleash the party number two devices. Teforia plans to sell 250 cars originally priced at $ 699, and then increase to the retail price almost doubled initial offering at $ 1,299 ready for delivery in the spring of 2016
None of the pre-order the money will not go into the manufacturing process for the second batch. Instead, the new round will help in the creation of these machines, for research and development endeavors and growing team.
Sincere Ventures led the round seeds, with additional participation Lemnos Labs, PreAngel and InnoSpring, among others.
This is a good bet? Machine is probably not what the average tea drinker is ready to shell out $ 700- $ 1,300 per. However, tea is the industry $ 37 billion now and is scheduled to grow to $ 44 billion by 2021, according to numbers from Statista. The US has also found a new love for tea, with new emphasis on healthy drinks. There is sure to be devoted consumers are willing to pay a higher price for what promises to be better than the infusion.
Sincere Ventures partner Yves Sisteron, the self-proclaimed “avid tea drinker,” he mentioned this is why he made the investment. “When I saw that Teforia device was capable of, and is considered the massive size of the world market of tea, I immediately realized that this was the company I wanted to support.”