Wisewell Announces $2M in Pre-Seed Funding
The Round Was Led by BECO Capital as the Company Enters the Consumer Market with its Revolutionary App-Enabled Wisewell
BROOKLYN, N.Y., April 6, 2022 /PRNewswire/ -- Wisewell, the sustainability-driven clean water technology company developing high quality, easily accessible drinking water solutions, announced the close of its $2M pre-seed funding round today bringing total funding to $2.6M to date.
The round was led by BECO Capital, the MENA region's leading early-stage venture capital fund that backs early-stage tech entrepreneurs across a wide range of sectors who are tackling massive white spaces, building robust technology, and driving the evolution of the ecosystem in the MENA region. BECO has invested in 30+ startups, including all three of the MENA region's unicorns. This new funding helps position the company as a leader in the sustainable technology industry as it prepares to launch its revolutionary first product next week.
"The way we deliver and drink water is broken," said Co-Founder and Executive Chairman Sami Khoreibi. "Wisewell enters the market during a time when the EPA has declared a water crisis in the United States. We're revolutionizing water consumption through complete transparency, sustainability, and convenience housed in a beautifully designed product. We're grateful to be working with investors who believe that the sustainable solution to healthy, great-tasting water lies within Wisewell."
Wisewell changes the game for consumers seeking the highest quality clean drinking water with its installation-free machine– just plug it in and fill the tank with tap water. Its proprietary Full Spectrum Filtration technology efficiently removes harmful forever chemicals, microplastics, and other contaminants using three filters and UV light– whereas most traditional filtration systems use one filter and omit the UV light sterilization process. The process concludes with remineralization of the water to create a taste that rivals top bottled water brands and boosts its overall hydration, at one-third of the price per liter.
Wisewell is the only reverse osmosis filtration system that offers an app where consumers can monitor the quality of their tap water via sensors in the filters, as well as how hard its filters are working to clean and when they need to be reordered. The app tracks consumers' cost savings against leading bottled water brands and consumers' improved carbon footprint from not purchasing bottled water.
Wisewell's sleek design helps it stand out from traditional water systems while elegantly blending into any space. Available in both black and white models, the thoroughly high-tech Wisewell dispenses hot, cold, and room-temperature water, unlike many of its reverse osmosis competitors.
"Wisewell is the clean water technology of the future," Sebastien Wakim, Wisewell Co-Founder and CEO said. "It's a convenient, luxurious unit that consumers will be comfortable displaying in any room in the home, and it's run by an app that shows full transparency of the water you're drinking. The Wisewell's installation-free ease of use and low maintenance is something the market has yet to see."
The closing of this funding round strengthens Wisewell to be a top competitor in the water technology and sustainability industry. The global market for water purifiers promises excellent growth opportunities as it's expected to increase from $52.4 billion in 2020 to $90.1 billion by 2025 with a compound annual growth rate (CAGR) of 11.5% for the period of 2020-2025. There's an immense need for accessible and reliable clean drinking water. PFAS, which are found in many US households' tap water, restrict over 200 million Americans from clean drinking water– 60 million Americans only drink bottled water because they do not trust their tap water. Wisewell offers a more cost-effective, sustainable, and convenient solution than both bottled water and traditional reverse osmosis filtration systems.
"We decided to invest in Wisewell because it's disrupting the water space with technology," said Yousef Hammad of BECO Capital. "We invest in entrepreneurs innovating for the future. Sami and Sebastien's previous successful track records in the sustainability and circular economy sectors make them the right founders to bring this extraordinary product to life at a moment when the world needs it most."
Wisewell is led by Co-Founders Sami Khoreibi and Sebastien Wakim, whose combined expertise in sustainability and technology, respectively, led to a mutual interest in solving the global issue of water safety. Khoreibi is a seasoned entrepreneur focused on sustainability and renewable energy. His passion for solutions to climate change blends seamlessly with Wakim's experience in circular economy and disruptive technologies, gained from his role at Uber during its early stages, where he was responsible for Middle-East and North African launches and operations.
Wisewell officially accepts pre-orders beginning April 13th. Customers who preorder their Wisewell before July will receive $100 off their Wisewell and an additional six-month filter subscription for free– which already has a waitlist of more than 2,500 people across the US– for delivery this July. Visit www.wisewell.com for more information.
Wisewell is a sustainability-driven clean water technology company that is revolutionizing the way water is consumed. Its debut product is the sleekly designed Wisewell, an installation-free machine that transforms tap water into high-quality drinking water that rivals the best brands in taste at less than a third the cost per liter. Wisewell's proprietary four-step Full Spectrum Filtration process effectively removes most known contaminants, including forever chemicals (PFAS) and microplastics, before remineralizing the water for great taste and optimal hydration. Wisewell's secret weapon is its app, which monitors users' tap water quality as well as the state of their filters, automatically ordering replacements and sending a notification when it's time to change them. The app also shows users how much money they've saved on bottled water and calculates their improved carbon footprint. A Wisewell costs $699 per unit, plus $180 for an annual subscription for filters. Wisewell is committed to providing the cleanest and most delicious drinking water in the most convenient way. Visit www.wisewell.com for more information.