The deal values the 12-year-old Melbourne drink bottle designer at $10 million valuation.
The AFR reported that the two founders invested in a personal capacity and will join Memobottle’s board. The investment brings the founders of the luggage brand into another Australian consumer products business with an established international retail presence.
Founded 12 years ago, Memobottle designs flat, rectangular bottles intended to fit inside handbags and other bags. Its range uses paper sizes, including A5, A4, A3 and A6 (1/4 of A4).
The company’s products are stocked in more than 2000 retail locations across over 100 countries. It generated $8 million in revenue in the last financial year.
The in investment will support product development, broader distribution and global partnerships. Didaskalou and Li also intend to help the business expand its international reach and bring new products to market.
Memobottle is due to launch its first round drink bottle this week, extending its range beyond flat designs
July was founded in 2019. The luggage brand is known for its colourful suitcases and social media following.
