BDA advises Finally Bulbs on raising capital

BDA Partners is pleased to announce that its client, Boston-based light bulb innovator, The Finally Light Bulb Company (“Finally” or “Finally Bulbs”), has raised US$15.2m in an oversubscribed Series C funding round. Finally raised 150% of its Q4 2016 funding objective in four weeks. After closing this round, Finally has a post-money valuation of US$75m.

Finally has received inbound interest from other financial and strategic investors, domestic and international. BDA is acting as exclusive financial advisor to Finally in raising further equity capital in 2017.

Finally was formed in 2013 to address the lack of quality products available in the rapidly changing US$50bn global consumer lighting market. Finally gathered the finest minds in the lighting industry and developed and patented an energy-efficient version of the familiar light bulbs consumers desired. Based on early Nikola Tesla breakthroughs and paired with technology advances only available this century, the Finally Acandescent™ technology was created. Finally Bulbs are non-LED and non-CFL.

Finally’s Acandescent™ bulbs offer the same pleasing warm glow as the traditional incandescent bulb. They are 75% more energy efficient at costs that are becoming more favorable than LED. Finally’s products are today available at 1,400 points of sale across the US.

Funding has so far come largely from US family offices and high net worth individuals. All existing major investors participating reinvested in the latest round. Finally deliberately chose to approach this funding round via strategically selected high net worth individuals and family office investors, given their hands-on experience in building businesses and their strong advisory strength in consumer and retail spaces.

John Goscha, CEO and Founder of Finally, said, “In creating Acandescent™ technology, the Finally team created an entirely new lighting category. The capital raised will be used to accelerate the growth of the business. Finally bulbs became generally available in 2016 and they will now roll out aggressively in the US including big box retail as well as pursuing international markets. The company will also hire additional resources in sales and marketing.”