RALEIGH, N.C., July 25, 2017 /PRNewswire/ -- FilterEasy, a subscription-based HVAC air filter service, today announced it has raised $6.9 million in Series B funding, led by Arsenal Venture Partners and with participation from NC State Endowment Fund, Bonaventure Capital, Cofounders Capital, IDEA Fund Partners, John Replogle, and Triangle Angel Partners. These investors join Azure Capital, RTP Capital Associates, and the venture arm of Michael D. Olander Jr.'s MDO Holdings, among others.
Cofounders Thad Tarkington and Kevin Barry saw a market opportunity after personally experiencing some headaches with their own HVAC air filters. Air in the home can be up to 5 times dirtier than the air outdoors, so regular filter changes are essential to healthy living, and vital to those suffering from allergies or asthma. Tarkington and Barry discovered that the majority of homeowners were simply not changing their air filters often enough, as this particular home maintenance item is out-of-sight, out-of-mind. Changing filters on a regular schedule, when they need to be changed, extend the life of a home's HVAC system and reduce HVAC maintenance costs. Furthermore, changing a home's air filters on a regular schedule reduces heating and cooling costs by up to 15% per month, cutting down on energy bills and minimizing environmental impact. FilterEasy began offering high-quality filters in every size, delivered right to customers' doors when it's time to change them. This convenient service allows people to change their filters on time, every time, without all the hassles.
Since launching the website in 2014, FilterEasy's revenue and subscriber base have grown rapidly, with a nearly 300% gain in 2016 and they are on track for another record year in 2017. The investors from FilterEasy's Series B round join an enthusiastic group of savvy investors from FilterEasy's prior investment rounds. Completion of the Series B investment round brings total funding to $11.4 million.
The new and existing investors bring a wide pool of experience from a variety of markets to FilterEasy's armory. Arsenal Venture Partners, the round's lead, is a unique growth equity firm that partners with visionary entrepreneurs building exceptional businesses. Arsenal specializes in high growth, recurring revenue companies, making them an ideal fit for FilterEasy. John Replogle is the current CEO of Seventh Generation Inc., and formerly was the CEO of Burt's Bees and President of Guinness Bass Import Co. Azure Capital, a Silicon Valley investment firm, has also put their funds behind powerhouse companies like BillMeLater and VMWare. David Gardner is also an investor in both funding rounds for FilterEasy, and was the Triangle's most active and involved angel investor, prior to founding Cofounders Capital, a free startup accelerator and early stage seed fund.
FilterEasy, founded in North Carolina, staying true to its roots included several local investors in the round. Thad Tarkington, CEO, and Kevin Barry, COO, founded the company while attending North Carolina State University. As the business model proved successful and the business grew rapidly, Tarkington and Barry shifted their focus from school to business. In a success story that has come full circle, NC State, became one of several collegiate investors in the Series B investment round. The closing of FilterEasy's Series B investment round validates the immense amount of dedication and passion devoted to the business and serves as a catapult for future expansion.
Launched in 2012, Raleigh-based FilterEasy offers consumers a subscription-based HVAC air filter fulfillment service using a proprietary web-based platform to provide a convenient solution to a common household problem – remembering when to change an HVAC air filter. FilterEasy's subscription model guarantees that correct size HVAC air filters are conveniently delivered to a home's doorstep so they may be changed on a regular basis, which can reduce monthly heating and cooling expenses by 5%-15%. Visit www.FilterEasy.com.
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