EcoFlow, a US-Chinese manufacturer of portable power stations, has raised a Series A round of over $4 million. The company was founded in 2016, and partnered with Rainfactory in 2017 to launch an Indiegogo campaign that raised over $1 million.
Rather than opt for a traditional raising schedule aimed at Silicon Valley investors, EcoFlow has used strategic partnerships coupled with strategic investment from vertically integrated companies in their supply chain. Not only does this give them the working capital they need, but also access to top-tier manufacturers and direct access to vendors at large companies. This solve big problems that many startups are often challenged with.
This was all made possible because of early traction, including a healthy customer base and strong sales from their crowdfunding campaign. Now, EcoFlow is looking forward, hoping to launch two new products this year. While the CEO and cofounder, Eli Harris, is short on details, it is likely they will continue to do what the do best, portable energy. He admits that most would-be competitors are sticking to the electric vehicle or industrial space, which allows them some breathing room and an opportunity for growth.
If EcoFlow decides they’d like to launch new products with a similar approach, RainFactory is here to help. Until then, we’d love to tell you what we can do for you! Contact us here.