Press Release:
Boombotix closes first VC Round
Seed stage investment firm, Walden Venture Capital made a rare hardware play with its most recent investment in mobile audio device designer, Boombotix. Boombotix CEO Lief Storer commented, “The Boombot speaker line is constantly expanding, and the team is eager to develop new products and continually improve the products already in our portfolio. This round is just going to help us lay down the real foundation that we need to take things to the next level.”
The brand has managed to grow rapidly into having distributors in over 20 countries with more than 140 retailers domestically including Best Buy, Backcountry.com, and Amazon.
The company managed to break a million in trailing revenue on a bootstrapped friends and family budget.
When you look at a team like Boombotix, you see a company that is young, hungry and dedicated rather than a bunch of fat cat executives. Much of the brand success has come from the penetration into the core and specialty sports market.
With a limited/non-existent marketing budget, the company scrapped up enough cash to get into some of the bigger tradeshows and leveraged strategic product placement to drive sales.
Lief also mentioned, “With a lot of buyers being strapped, it is hard to move in a big line into a store and get the commitment. Boombotix has come in with a small product line that fills a key niche in the accessories/gift category and it works!”
