What Is Bottomless?
Bottomless is a startup launched by co-founders (and husband and wife) Liana Herrera and Michael Mayer in 2016. According to the company’s website, the entrepreneurs came up with the idea while working as “busy young professionals” and finding it hard to find the time to shop. “We grew especially frustrated with repeatedly buying the same stuff over and over again,” said the founders. Their solution: focus on the data related to our consumption.
The founders designed Bottomless based on this idea. Instead of going to the store every couple of weeks to buy more coffee, this startup offers a subscription service that keeps track of how much coffee customers have and sends new batches before they run out.
The company told TechCrunch in a recent interview that its business has grown substantially over the past year, going from 750 customers in late 2019 to over 6,000 today. Herrera told the publication that the company grew 5-7x in 2020.
Money and Investors
Another testament to the growth of this startup is the money it has collected from investors. The company had raised $2.3 million before this most recent fundraising round, according to Crunchbase. The company raised a total of $395,000 in pre-seed rounds between August 2018 and March 2019, with input from the infamous startup accelerator Y Combinator. The business then pulled in its then-biggest haul to date in April 2019: $1.9 million in funding from undisclosed investors.
The company closed its Series A round in January of this year. The round was led by investor James O’Shaughnessy, the founder, chairman, and chief investment officer of O’Shaughnessy Asset Management. This Series A round brings a significant wad of cash to the startup — it’s more than double all the money the business had raised before this point.
This recent round of fundraising represents exciting momentum for this business. The startup founders hope to use this money to improve the technology required for their business and to expand their already rapidly expanding customer base. This business has the benefit of existing within a dedicated industry where many are willing to splurge on ease-inducing products or services.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.