3/9/2018 – VisVires New Protein Capital is co-leading a US$10.6 million seed round for smart home water system Mitte, alongside Danone Manifesto Ventures and Karcher New Venture.
The proceeds will be used for market expansion starting with the United States, where it previously ran a crowdfunding campaign in 2017 that was overfunded by 360%.
Moritz Waldstein, Mitte’s Founder and CEO is thrilled about the deal saying that, “We believe this partnership between Danone Manifesto Ventures and VisVires New Protein Capital will position us to execute on our expansion plan as well as provide us with significant food and beverage expertise.”
Founded in 2016, Mitte builds smart home water systems that purifies and enhances water with minerals. It provides an alternative to bottled water, relying on a proprietary distillation-based method that is inspired by the natural water cycle process.
It involves a two-step process where the water is first purified using a patented distillation system that the company says is four times more efficient than other water distillers on the market. Upon purification, Mitte then re-mineralizes the water using special cartridges, which will mineralize 400 liters of water.
Besides, the Berlin-based company also designs a range of mineral cartridges with varying level of minerals to give users the options of a tailored hydration experience and to personalize their daily drinking water according to their preference.
“Mitte has developed a unique product with the potential for significant growth and positive societal impact,” explained Matthieu Vermersch, the Founder and Partner of VisVires New Protein Capital.
“Not only does it offers a transformational solution with the provision of high-quality healthy water but also a highly sustainable alternative to the burgeoning issue of plastic pollution, a phenomenon faced globally but notably in Asia where concerns over safe drinking water have been traditionally addressed via the purchase and consumption of bottled water,” he added.
Mitte is one of several investments made by VisVires New Protein Capital (VVNP) which targets technologies seeking to solve problems in global food and feed systems. The Singapore-based venture fund claims to be the first in Asia to take on such a focus.
Past investments by VVNP include Ynsect, a France startup that farms insect as premium natural feed for pets and Nuritas from Ireland which combines AI and genomics to unlock natural Bioactive Peptides.