PebbleBee first took off with a wildly successful Kickstarter campaign in 2014 to launch its device that helps you keep track of anything from keys to a pet. But company co-founder Daniel Daoura said the business has already moved to the next level — and now it’s hunting for the funding to match.
The Kirkland, Wash.-based company is seeking up to $2 million from outside investors, according to an SEC filing. Daoura confirmed the fundraising efforts on Monday, adding that the startup already has some local angels lined up and other investors have committed to join the round.
“There’s a growth plan,” Daoura said. “In order to get there faster, we need money.”
PebbleBee’s debut product, Honey, is available at Target stores and has sold nearly 100,000 units. It’s a $20 Bluetooth-enabled device you attach to valuables. An app notifies you when the device wanders out of a specified range and can light up or vibrate if the item becomes lost. The Kickstarter campaign to launch that product blew past its $20,000 fundraising goal, reeling in more than $218,000 in 2014.
This year, PebbleBee launched another crowdfunding campaign for a new device it’s calling Stone. That device communicates with your smartphone and completes commands with the push of a button. It can be programmed to do things like order a pizza or dim the lights in your house. That campaign raised over $90,000, well above the $30,000 goal.
Daoura said these crowdfunding efforts were mostly about validating the market and proving people would want to buy the technology. They also gave the company some extra cash, though the majority of PebbleBee’s money thus far has come from traditional product sales.
But still, it just hasn’t been enough money to keep things growing fast enough.
The company was founded in 2012 by Daoura and Nick Pearson-Franks, both former Boeing engineers. Today, it has 20 employees and plans to grow to between 25 and 30 within the next six months or so.
Daoura said they’ll use the money to manage their new scale, hiring a “CEO-type” leader and bringing on a professional marketing firm to expand the brand.