Aerospring Hydroponics, a six-year-old Singapore-based start-up, has closed a Pre-Series A fundraising round of “seven-figures” from existing investors and customers. The funding comes at a time when Aerospring’s business has doubled year-on-year and also seen increased sales to the US market by 350% while also expanding into the EU market. The funding round saw the participation of existing shareholders, including a seed round investor Sirius Venture Capital. A large portion of the funding came from Aerospring customers.
“The fact that we were able to raise funds from our existing Aerospring customers is a real testament to our product and company. Our customers really believe in our products, having used them for many years, and know the benefit that it brings to their families. They truly believe in the future of the company.”, says Thorben Linneberg, Co-Founder and CEO. Aerospring will use the funding to further strengthen its patented technology, develop new products, invest in working capital to meet demand, increase marketing activities and expand and develop its team.
Thorben said, “For many years, there wasn’t much knowledge of hydroponics and the benefits that it brings to homes and businesses around the world. But that is changing fast. The total market for home hydroponics is growing rapidly, estimated to be USD1.5 billion by 2026. With our latest funding round, we are well-positioned to be a significant player in this global category.”.
“Accessible sustainability is what our business is all about,” says Mark Newton, COO of Aerospring. “We believe that living more sustainably is a lifestyle choice, one that we must accommodate given the challenges the world is facing with climate change, food safety, and food security. We want to help people live more sustainably, and we give tremendous support to our customers. While growing food is no longer intuitive to most industrialized communities, we believe that our products make growing food at home easier, accessible, and productive.”
Aerospring has sold over 3,000 systems globally and provides support via a Facebook community of over 1,700 active Aerospring gardeners. What started as a hobby and a desire to grow tomatoes on their apartment balcony in Singapore blossomed into a love of gardening - and for an interest in creating a sustainable food source at home. “We wanted all the nutrients that come from eating food harvested that day,” says Nadine Keller, Co-Founder. “We had concerns about pesticides and where our produce was coming from. We also knew that these concerns were very real for many people - no matter where they live. These factors, and a natural interest in problem-solving, inspired us to develop our own hydroponic system with the aim of growing our own food at home.”
Encouraged by an early design breakthrough, Thorben set about prototyping systems for commercialization in 2015. Aerospring received its first US patent for the aeroponic system in 2020. After a successful 2019 launch in the United States, the US has quickly become Aerospring’s largest sales market, currently accounting for over 60% of global sales. Aerospring also entered the EU market in 2021. Aerospring is currently a market leader in Singapore, selling its patented hydroponic systems, as well as hydroponic accessories, seedlings, and seeds. In addition to consumers, Aerospring has seen strong growth in sales from corporates and schools, as well as corporates in the real estate and shipping industries, to name a few. In 2021 Aerospring launched its services business, providing maintenance and servicing, as well as hydroponic consumables such as seedlings and nutrients, to corporate customers.
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