According to the startup it will be using the funding to tap a new market of $34 billion daily workplace needs for consumers. Also the funds will also be used for research and development, customer acquisition and tech development.
On Tuesday, a D2C brand F5 serving daily workplace consumption announce that it has raised Rs 2.5 crores approx as its pre-Series A round of funding.
The investment saw a participation from angel investors including Mohit Satyanand, Chairman, Teamwork Arts who led through LetsVenture platform; Gurugram-based accelerator Huddle, AngelList, Venture Catalysts, Forbes Indian angel investor – Rohit Chanana, Dr Jeevak Gupta – VP, Private Equity, InvAscent among others.
The startup had earlier raised Rs 3 crore as a part of a seed round in May 2020.
Saying on the investments Raghav Arora, Co-founder, F5 said, “We are in the middle of closing the next tranche and very excited and hopeful for the future. Pandemic has made the general public more tech savvy creating demand for our products is highly inelastic which ensures our demand bounces back immediately post lockdowns”.
Founded by two IIM Lucknow alumni — Raghav Arora and Lalit Aggarwal, F5 aims to be the one-stop solution for daily workplace consumption for a consumer, both online as well as offline. With over 6,000 daily consumers, F5 started by providing basic refreshments (tea/coffee) at workplaces (initially focused on shops/showrooms/retail chains and other general market establishments) across three formats: subscription, on-demand and retail outlets.
The company claims to have registered 6x growth in business subscribers post-COVID-19, and has served more than 50 lac cups to date, serving more than 12,000+ cups per day to 6,000+ daily consumers.