+ 0.70
+ 0.46%

The Blinc Group Closes $1.5M Pre-Series A Bridge Round

January 14, 2021 9:37 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
The Blinc Group Closes $1.5M Pre-Series A Bridge Round

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.”

Related Articles

Michigan Cannabis Sales Near $1B In First Year Of Adult-Use Sales

Cannabis sales in Michigan spiked during December, bringing the total to $984.6 million for 2020. read more

Cantor Analyst Raises Aphria And Tilray Price Targets Amid Merger

Cantor Fitzgerald analyst Pablo Zuanic expressed disappointment by Aphria Inc. (TSX: APHA) (NASDAQ: APHA) quarterly results in an analyst note published Friday. read more

Cannabis Movers & Shakers: Next Green, Cannabis Control Commission, Willow, TruTrace, HEXO, Bengal Capital, MediPharm Labs, NIHC

Here is a summary of the latest leadership changes within the cannabis industry. read more

French Energy Firm Backs Hemp-Fueled Gas Plant With $23M

French energy company Qairos Energies is financing a project that will use locally grown hemp for the production of hydrogen and methane, according to HempToday. read more

Jay-Z Touts 'End Of Cannabis Prohibition' As Roc Nation Finalizes SPAC Deal With Caliva, Left Coast Ventures

A consortium made up of CMG Partners Inc., Left Coast Ventures Inc. and Shawn Carter (Jay-Z) —with his company Roc Nation — has finalized its previously announced transaction with Subversive Capital Acquisition Corp. (OTCQX: SBVCF). read more