Spartan raises 1 million euros for product expansion, New York office plans
After raising 500,000 euros in July 2017, anti-radiation underwear specialist Spartan has raised 1 million euros from investors, and also customers, for increased global expansion and new products.
The company now has backing from investors laBPI, Wilco (ex-Scientipole), and Business Angels from the ESCP, INSEAD and HEC Paris networks. That's in addition to funding from clients, an echo of the initial 20,000 euro crowdfunding campaign which allowed for first production of the brand in 2016. Founders Arthur Menard, Thomas Calichiama and Pierre-Louis Boyer remain majority stakeholders.
The Spartan boxer-briefs block more than 99.9% of total radiation emitted from mobile phones and wifi via the WaveTech technology. The product for now comes in blue or black and sells for 42 euros.
The underwear launched on Pandaroo at the start of 2018, presented as the first-ever anti-radiation item for babies, and will soon be sold for 39 euros.
The recently raised funds will go toward building teams, financing the opening of a New York office and extending the line of boxers, mostly in terms of colour and innovations. The firm, which started out as one of the first Station F brands, hopes to also extend its reach globally.
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