Bright Sparks Tap Oz for $10m
A Christchurch-based energy efficient lightbulb seller has raised $10 million from two Australian investors and is about to open its own lightbulb factory in China.
Energy Mad, started by a pair of university mates just four years ago, has now expanded into Australia and the United States and has developed a product that it believes will more than double its sales.
Energy Mad co-founder Chris Mardon told the Small Business Expo in Auckland yesterday that the company had recently secured $5 million apiece from ASX-listed smart meter company Intermoco and a private Australian investor.
Energy Mad sells the Ecobulb via a unique business model that involves partnering with utilities and retailers. It had so far sold 3.5 million lightbulbs, saving $331 million worth of electricity, Mardon told the event.
The company turned over $8 million in its last financial year, and was on track to do “several times that” this year.
New products, manufactured at its soon-to-be opened Chinese factory, would go on sale later in the year. These included a covered lightbulb and halogen replacement bulbs.