New York, NY, February 06, 2017 --(PR.com
)-- BDA Partners is pleased to announce that its client, Boston-based light bulb innovator, The Finally Light Bulb Company ("Finally" or "Finally Bulbs"), has raised US$15.2m in an oversubscribed Series C funding round. Finally raised 150% of its Q4 2016 funding objective in four weeks. After closing this round, Finally has a post-money valuation of US$75m.
Finally has received inbound interest from other financial and strategic investors, domestic and international. BDA is acting as exclusive financial advisor to Finally in raising further equity capital in 2017.
Finally was formed in 2013 to address the lack of quality products available in the rapidly changing US$50bn global consumer lighting market. Finally gathered the finest minds in the lighting industry and developed and patented an energy-efficient version of the familiar light bulbs consumers desired. Based on early Nikola Tesla breakthroughs and paired with technology advances only available this century, the Finally Acandescent™ technology was created. Finally Bulbs are non-LED and non-CFL.
Finally's Acandescent™ bulbs offer the same pleasing warm glow as the traditional incandescent bulb. They are 75% more energy efficient at costs that are becoming more favorable than LED. Finally's products are today available at 1,400 points of sale across the US.
Funding has so far come largely from US family offices and high net worth individuals. All existing major investors participating reinvested in the latest round. Finally deliberately chose to approach this funding round via strategically selected high net worth individuals and family office investors, given their hands-on experience in building businesses and their strong advisory strength in consumer and retail spaces.
John Goscha, CEO and Founder of Finally, said, "In creating Acandescent™ technology, the Finally team created an entirely new lighting category. The capital raised will be used to accelerate the growth of the business. Finally bulbs became generally available in 2016 and they will now roll out aggressively in the US including big box retail as well as pursuing international markets. The company will also hire additional resources in sales and marketing."
Euan Rellie, Co-Founder of BDA, said, "BDA is proud to be an advisor and a shareholder in The Finally Bulb Company. We are also enthusiastic customers of the brand. We're proud to be helping this high-growth company to accelerate its roll-out in the US and international markets."
BDA Deal Team
Euan Rellie, Senior Managing Director, New York
Justine Mannering, Managing Director, New York
Mark Webster, Managing Director, Shanghai
Kevin Song, Vice President, Shanghai
Christophe Lirola, Associate, New York
Maria Xing, Analyst, New York
About The Finally Light Bulb Company
Boston-based technology start-up, The Finally Light Bulb Company, offers a high-quality and energy-efficient home lighting solution for consumers. Finally has developed Acandescent™ technology, a patented technology which delivers the same glow of an incandescent bulb while using 75% less energy. Finally offers 60 Watt, 75 Watt and 100 Watt replacement bulbs, all backed by a 10-year warranty. Finally is on-shelf at over 1,400 retail stores in the US through specialty hardware, office supply and select grocery stores including Staples, Ace Hardware, Big Y and H-E-B. The products are available online at Amazon, Wayfair, Staples, Soap, Casa, Diapers and Finallybulbs.com. www.finallybulbs.com
BDA Partners is a leader in cross-border investment banking involving Asia. BDA advises on M&A, capital raising, and restructuring. BDA has been consistently owned and managed by the same team since 1996. BDA has a track record of providing independent advice to blue-chip corporate and financial sponsor clients from North America, Europe, and Asia. BDA is headquartered in New York with offices in London, Dubai, Mumbai, Ho Chi Minh City, Singapore, Hong Kong, Shanghai, Seoul, and Tokyo. BDA was named M&A Advisory Firm of the Year at The ACG Champions Awards in 2015. BDA formed a partnership with William Blair & Company in 2011. www.bdapartners.com
BDA carries out its US securities business through BDA Advisors Inc, a broker-dealer registered with the US Securities and Exchange Commission (SEC) and a member of FINRA and SIPC. BDA's UK subsidiary is authorised and regulated by the Financial Conduct Authority. BDA's HK subsidiary is licensed and regulated by the Securities & Futures Commission.