New York, NY, September 27, 2018 --(PR.com
)-- TAPP Water is fast-tracking efforts to provide sustainable solutions for clean and affordable tap water. The company today announced it has successfully raised 2.4 million dollars to further support its drive to eliminate 10 billion plastic water bottles and grow a billion-dollar business by 2023. The three investors behind the new funding are Stockholm-headquartered Bluewater, a global leader in innovative drinking water technology and solutions, yabeo, a German early and later stage investor focusing on innovative FinTech and Health Tech companies as well as companies with social or environmental impact, and the EU’s Horizon 2020 Research and Innovation funding program.
TAPP started as a research project in 2015 to identify water filter technologies that most improve the quality and taste of local tap water, initially in cities with high chlorination and hardness levels. The research was driven by the insight that about 50 million US and 75 million European households only consume bottled water despite access to clean tap water. Those same households dispose of over 90 billion bottles per year of which less than 20% get recycled.
“We felt there had to be a better alternative and solution to persuade people to give up single-use plastic bottles,” said TAPP founder Magnus Jern. After testing more than 30 existing products the team concluded there was nothing on the market today that appealed to the mass market and set about finding a solution.
In January 2017, TAPP Water launched the first tap water filtration product, TAPP 1, as a pilot. The market and customer feedback exceeded expectations with 10,000 customers in the first year.
On the back of that success, the company continued to evolve and launched the world’s first water filter with biodegradable cartridges, TAPP 2, in July 2018. TAPP 2 provides a simple, affordable and environmentally friendly way for every household to get clean tasty tap water. There is no longer any reason to buy bottled water in North America and Europe for home use.
Globally, more than 600 million households are consuming over 250 billion plastic bottles in 2018. Of this only 10% is recycled and the rest ends up in landfill or is dumped as waste in terrestrial or ocean environments. Lakes, rivers and groundwater are now so badly polluted that microplastics were found in 92% of US tap water and 93% of bottled water, according to OrbMedia’s recent reports.
The latest funding raised by TAPP will enable the company to tackle the massive plastic bottle challenge and scale rapidly. The pre A-round just closed with $2.4 million from high profile sustainability investors Bluewater, Yabeo and a EU grant for development of the next generation product, an innovative, sensor-based, IoT-ready faucet filter that purifies tap water and simultaneously generates fact-based data on the quality of the filtered water.
“Bluewater and yabeo are ideal investors thanks to their sustainability focus, track record and capacity to help us grow to achieve our mission. With the new funding we will go head to head with the big bottled water companies such as Coca Cola and Nestle,” said Magnus Jern, co-founder of TAPP Water.
“Bluewater has put sustainability and the removal of the need for single use plastic bottles at the heart of its business mission as the leading water technology and solutions provider with operations in Europe, China, the United States, South East Asia and Africa,” said Bluewater President and Chief Strategy Officer, Anders Jacobson. He said TAPP’s business vision and mission made the company an ideal company to invest in.
For more information about TAPP Water, visit website: http://tappwater.com
About TAPP Water
TAPP Water designs affordable, easy to use and sustainable filter solutions for tap water. The idea was born in 2015 by four partners with a common goal: to offer cleaner and healthier tap water with a minimal environmental impact.
yabeo, based in Munich, invests in early and later stage companies. yabeo’s objective as a venture capitalist is to support young companies in an active manner by using long lasting management experience and far reaching networks to reach stable growth and a strong market positioning.
About Blue Water
Bluewater is a world leader in innovating, manufacturing, and commercializing water purification technologies and solutions for residential, business and public use that harness the company’s patented reverse osmosis technology to remove virtually all pollutants from water, including microplastic fibers, lead, bacteria, pesticides, medical residues, chlorine, and lime-scale. www.bluewatergroup.com