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Kickstarter-success Soma raises another $2.2 million

By Nicole Weddington     Nov 1, 2014 in Business
In preparation for its nationwide rollout, the San Francisco-based Soma has raised another $2.2 million. This comes after a successful $3.7 million seed round in July 2013, a $1.2 million initial seed round during the summer of 2012.
Soma makes glass carafes with a 100 percent natural, biodegradable water filter. The company will be selling its products through William Sonoma. A portion of each filters price is donated to charity: water to be used for clean water project around the globe.
Mike Del Ponte, CEO and co-founder of Soma, has said that there enough potential in tech startups to raise awareness and do philanthropic work while still making money. In a marked difference to companies such as TOMS Shoes and Warby Parker, Soma donates money instead of the actual product. But that product is still an improvement on cheap under sink water filter uk.
During this round of funding, Soma raised $400,000 using the crowdfunding site CircleUp. It also raised funds through Crosscut Ventures, Baseline Ventures and other venture capital companies and private individuals.
“We wanted to do something around crowdfunding, ended up doing $400,000, and had to turn it off,” said Soma chief executive Mike Del Ponte to TechCrunch. “I didn’t know how successful CircleUp was going to be and, to be honest, we could have raised half the round from CircleUp.”
Although Soma has a solid early investment advantage over many other companies, Del Ponte believes in the new model of equity crowdfunding platforms that are making it easier for startup companies to get funded for their projects.
“One of the conversations I’ve been having with a lot of founders is that many investors say ‘Go find a lead and then come back and talk to me.’ But you get so much traction on CircleUp that it pushes them to make a commitment,” Del Ponte said.
Soma, in addition to raising millions to push their product nationwide, has also been able to lower the price on its carafes and filters from $87 for the carafe and $14.99 for the filters to only $59.00 for the plain carafe with filters costing an additional $12.99.
More about SOMA, Water filter, Kickstarter
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