Consumer water technology start-up Wisewell raised $2 million in a pre-seed funding round led by Dubai-based early-stage venture capital firm Beco Capital.
The funding will help the company to improve its water cleaning technology as it prepares for its first product launch next week, it said in a statement on Tuesday. With the latest round, the total amount raised so far is $2.6m.
Wisewell, established last year, operates from Dubai, Brooklyn and Toronto, Canada. Its full spectrum filtration technology removes harmful chemicals, microplastics and other contaminants using three filters and ultra-violet light.
It also re-mineralises water to give a better taste, the company said.
“The way we deliver and drink water is broken,” said Sami Khoreibi, Wisewell co-founder and executive chairman.
“We are revolutionising water consumption through complete transparency, sustainability and convenience."
The global market for water purifiers is growing rapidly. It is expected to rise by 72 per cent to $90.1 billion by 2025 from $52.4bn in 2020, BCC Research said.
Wisewell offers a portable purifier, which needs to be plugged in and filled with tap water. It dispenses hot, cold and room-temperature water. The machines cost $699 each and $180 for an annual subscription for filters.
They support an app where consumers can monitor the quality of their tap water through sensors in the filters. It also alerts them when filters need to be replaced.
There is a waiting list of more than 2,500 customers across the US for delivery in July. It will be available for sale in the UAE in August.
“Wisewell is run by an app that shows full transparency of the water you are drinking,” Sebastien Wakim, the start-up’s co-founder and chief executive, said.
The app also tracks consumers’ cost savings and improved carbon footprint against bottled water brands, the statement said.
"We invest in entrepreneurs innovating for the future … we decided to invest in Wisewell because it's disrupting the water space with technology," said Yousef Hammad, managing partner at Beco Capital.
