Out Of Raises €2.4 Million Through Equity Crowdfunding, in 2 Weeks

Just two weeks after its launch on Mamacrowd, Out Of’s second equity crowdfunding round has already raised €2.4 million thanks to more than 370 investors and against a minimum goal of €1 million.

In this second campaign, the innovative SME’s pre-money valuation is €40 million, while it was €4 million the post-money valuation of the first round, which closed in 2020 and raised €1 million from 453 investors.

Read more about Out Of and its latest equity crowdfunding campaign, and find the most important business news of the day with the Born2Invest mobile app.

A successful technology

Out Of was founded in 2017 by the two Righi brothers, Federico a physicist who graduated with honors from the University of Milan, and Roberto, a Product Designer who graduated from the Politecnico.

The company had launched Electra, a ski mask with a liquid crystal lens that can adapt to light in less than 1 second, automatically and without using batteries.

The pitch on Mamacrowd says that from 2021 to 2022 alone, Out Of experienced 160 percent growth, closing 2022 with a turnover of €1.83 million. To date it has more than 800 active B2B accounts corresponding to about 1,200 outlets and the growth trend is also confirmed for 2023 for which a turnover of €3.2 million is expected.

Federico Righi, CEO of the company, told Startup News, “In 2020, as soon as the campaign closed, we produced and delivered Electra, the first product on the market with our liquid crystal technology, but not only. Since then we have been inundated with requests from some of the world’s largest groups in motorcycle helmets, luxury, optics, and personal protective equipment.”

Out Of’s electronic lens products have won the world’s top awards in both sports, such as the ISPO Award in 2021, and optics, such as the SILMO d’Or in 2022.

Out Of plans for the future

On the wave of success, the company has decided to split the sports brand Out Of from the technology brand, IRID, developing them in parallel.

IRID® will then be a branded technology, a so-called ingredient brand, known to the end audience, but operating only in the B2B channel and promoting the technology and its various applications in every field.

Out Of, on the other hand, will remain a sports and active lifestyle brand that develops and markets, through B2B and B2C channels, innovative products, including those that take advantage of IRID technology.

The funds raised will be used to pursue research and development of the technology in all its applications, for marketing, to achieve a globally recognized technology brand, and to implement a fully automated in-house production line, complementing the production processes that are already handled in-house.

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(Featured image by fielperson via Pixabay)

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