F5, a D2C brand servicing daily workplace consumption, on Tuesday announced that it has closed $350,000 (approx Rs 2.5 crore) as the first tranche of its pre-Series A round. Within the next couple of weeks, they are about to close the second tranche.
The current raise saw participation from angel investors including Mohit Satyanand, Chairman, Teamwork Arts who led through LetsVenture platform; Gurugram-based accelerator Huddle, AngelList, Venture Catalysts, Forbes Indian angel investor – Rohit Chanana, Dr. Jeevak Gupta – VP, Private Equity, InvAscent among others.
In May 2020, as part of its seed round, F5 managed to raise a funding of INR 3 crores ($400,000).
According to the official statement, the startup will use the proceedings to tap the $34 billion daily workplace needs of a market for consumers. In addition to this, the funds will also be used for R&D, customer acquisition, and tech development.
“We are in the middle of closing the next tranche and are very hopeful of the coming times. COVID-19 has made the general public more conscious of hygiene and quality and made them more tech-savvy. Demand for our products is highly inelastic which ensures our demand bounces back immediately post lockdowns”.
Founded by two IIM Lucknow alumni — Raghav Arora and Lalit Aggarwal, F5 aims to be the one-stop solution for daily workplace consumption for a consumer, both online as well as offline.
F5 started by providing 6000 customers with basic refreshments like tea/coffee at workplaces like shops, showrooms, general market establishments, and retail chains. They focused this distribution through three formats: on-demand, subscriptions, and retail outlets.
The company claims to have registered 6x growth in business subscribers post-COVID-19 and has served more than 50 lac cups to date, serving more than 12,000+ cups per day to 6,000+ daily consumers.
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