Vaporizer technologies company The Blinc Group, Inc. announced Thursday the closing of a pre-Series A bridge financing of $1.5 million. The round was led by Equitas Partners Fund, WGD Capital, LP, and 7thirty Capital.
CEO and co-founder Arnaud Dumas de Rauly says proceeds from the raise will be used to:
- Expand the company’s China office to optimize control over the supply chain.
- Partner with an international lab for material safety research.
- Expand the sales team across North America.
- Expand the portfolio of vaping value chain services.
“The challenges of 2020 turned out to be the very challenges that helped the Blinc Group to thrive. Our dedication to the highest standards of safety, quality and a rigorous supply chain were what set up apart during the 2019 vaping criss and the pitfalls created by the COVID-19 pandemic," Dumas de Rauly told Benzinga. "We have shown our clients, investors, and the industry that a company that puts consumers first is the one that's going to succeed.”
Last year, Blinc saw orders surge by 330% year-over-year. It credited its success to the company’s emphasis on safety and compliance coming out of the vape crisis of 2019.
In a prepared statement, Equitas Partners Fund co-founder Andi Goldman said the firm began underwriting its initial investment in Blinc around that time.
"It became quickly apparent that the team’s experience within the vape technology space and its focus on quality, traceability and customer service would see them through and enable them to emerge as a market leader," Goldman said. "While others turned more attention towards safer vaping products after the crisis, safety had always been a major pillar of Blinc’s products and part of its DNA, which attracted us as investors and gave us confidence that they would be able to substantially expand their business into Canada and elsewhere.”
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