Oak Park, CALIFORNIA – (2 July, 2019) – Today, FoldiMate, Inc., a California based robotics startup focused on changing the way people fold laundry, launched a fundraising round in partnership with SeedInvest. SeedInvest is a leading equity crowdfunding platform that vets start-ups and only accepts 1% of the applicants.
Equity crowdfunding enables FoldiMate’s fans and supporters worldwide, both accredited and non accredited investors, to participate in the startup’s future by becoming an investor and ambassador. “So many of our 350,000 registered fans have expressed interest in investing, we have decided to offer them, and others, an opportunity to invest in the company,” stated Gal Rozov, FoldiMate’s founder and CEO.
FoldiMate is a robotic laundry folder that folds most types of shirts, blouses, or pants from age 6 to adult size XXL, as well as standard size towels and pillowcases. FoldiMate quickly and easily folds clothes into neat piles, ready to put away in just a few minutes.
The funds from this round will be used to manufacture an upgraded, smaller dimensions, prototype and run further intensive field tests. Funds from future rounds will go towards shipping Beta units to homes and businesses while preparing for mass production.
After raising $9M from various sources, including $8.3 from BSH Home Appliances Group, the world’s third-largest home appliance manufacturer, the team has successfully built a fully functioning prototype which debuted at CES 2019 and received positive feedback from both the press and visitors. The prototype has since folded thousands of laundry items during initial field tests.
“I feel that FoldiMate is a novel device with a unique user experience that we have unlikely encountered in a home or business product. Therefore, it is imperative for us to validate each stage of the progress with potential customers before moving forward to the long and costly manufacturing process.” Gal continued, “Even though feedback from recent field tests was positive, a few details still require our attention before we finalize the product development. We’re thrilled that our fans are not only willing to be patient as we prepare for manufacturing, but eager to become a part of the startup’s future. Being accepted by SeedInvest could not have happened at a better time.”
The target price for the FoldiMate is estimated around $1,000, however, initial production volume will be low while the company ramp’s up to a higher capacity production line, so these units could range between $1,500 – $2,000.
Visit foldimate.com to learn more and invest in the future of automated laundry #PracticalRobotics.
FoldiMate is offering securities under Regulation CF and Rule 506(c) of Regulation D through SI Securities, LLC (“SI Securities”). The Company has filed a Form C with the Securities and Exchange Commission in connection with its offering, a copy of which may be obtained at: http://seedinvest.com/foldimate
FoldiMate Inc. is committed to simplifying household and business chores through practical robotics. The company’s first robotic appliance, FoldiMate, aims to put an end to laundry folding as we know it.