Rooibee Red Tea has completed a $2 million capital raise. The Louisville-based organic tea makers announced the news Wednesday in a company press release, revealing that the final $500,000 of their yearlong Series A2 fundraising round came from equity-based crowdfunding platform CircleUp.
“I liken [CircleUp] to online dating,” Rooibee’s Chief Tea Officer, Heather Howell, told Louisville Business First. “I don’t have the money to go and fly to California [to pitch to investors]. This allows you to be a zillion different places, in a zillion different living rooms and offices.”
Rooibee will reportedly put the $2 million into developing new flavors, adding prickly pear and raspberry options to its Rooibee Roo children’s line. Additionally the company will update the bottle of its flagship Rooibee Red Tea product, making it available in resealable, BPA-free plastic packaging.
At the top of 2015 Rooibee added two new members to its board of directors: Charles Schnatter, previously of Papa John’s International, and Benton Keith, Principal at Louisville-based social investing fund Radicle Capital.
On a similar note, Massachusetts maple water brand DRINKmaple have raised $1.5 million from 13 different investors, according to a recent company filing with the SEC. DRINKmaple still has $500,000 to go to close outs it targeted $2 million funding round. The brand made its debut in 2014, hitting stores across the Northeast.