Millo builds a silent, smart and convenient smoothie maker featuring a patented magnetic clutch in the blade lid, a Smart Lid and a companion mobile app with a shared recipe database and usage tracking. The device is designed to be quiet, fast to use and easy to clean; the team says a meal can be prepared and washed in two minutes and one base can serve multiple users with individual cups and lids. Lithuanian and EU patents cover the magnetic-drive technology and the product design; the patent scope also extends to similar devices using the same magnetic-clutch principle. The product launch included a Kickstarter campaign that reached its initial target of £80,000 (about €90,000) from pre-orders in nearly 30 days with backers mainly from the US, Canada, Australia, Germany and Great Britain. Earlier, Millo secured a first investment of €100,000 from four Lithuanian angel investors to fund creation and is preparing a second round targeting €300,000 to support initial production and hires, with plans to approach venture capital firms later. The team is based in Vilnius and established Millo Appliances Ltd in Cambridge, UK to coordinate the Kickstarter campaign; the product attracted media attention from outlets including TechCrunch, CBS and Mac Life. Millo builds a smart blender designed to be quieter and to work with an app for consistent results. The company holds patented intellectual property related to its product. Millo raised an initial investment of €100K from four undisclosed business angels. It plans to use that funding to move further with production. Millo intends to launch a Kickstarter campaign in late April–early July to validate market demand, attract first customers, and help raise a larger investment. The company is also preparing to open a branch in the UK.

Total raised

$109M

Funding rounds

2

Latest round

Equity

Latest activity

Jun 2017