Citring Secures €920,000 Funding to Revolutionize Home Juicing
Spanish startup Citring, known for its innovative small household appliances, has successfully closed a funding round of €920,000. This round was led by Faraday Venture Partners and Angels Capital, the investment company founded by Juan Roig, which is part of the Marina de Empresas initiative. This significant financial boost is set to propel Citring into a new phase of growth and innovation.
A Strong Support Network
The funding round was not only backed by the leading investors but also saw participation from existing shareholders, including Rafa Olmos and Zummo Innovaciones. New private investors, such as Julio Ribes, founder of Swipcar and HolaGlow, also joined the ranks, adding strategic value to Citring’s shareholder base. This diverse support network underscores the confidence in Citring’s vision and potential.
The Birth of Citring
Founded in late 2017 by Roc Viñas, Citring emerged from Lanzadera, one of Spain’s premier startup accelerators. The company has carved out a niche in the market with its flagship product, Citring One—an automatic household juicer that promises to redefine the juicing experience at home. This innovative appliance not only simplifies the process of making fresh juice but also enhances the overall enjoyment of consuming it.
Manufacturing and Distribution
Citring takes pride in its commitment to local production, manufacturing its products in facilities near Barcelona. The company has established a robust distribution network, selling its products through its online platform and partnering with leading retailers. Notable collaborations include Mi Electro, which boasts over 500 stores across Spain, and Pascual Martí Electrodomésticos, a well-respected retailer in the Valencia region.
A Vision for Fresh Juice Consumption
Roc Viñas, the CEO and founder, articulated the company’s mission: “We identified an opportunity to encourage greater consumption of fresh juice at home and make enjoying freshly squeezed juice part of everyday life.” This vision is not just about selling a product; it’s about creating a lifestyle that integrates healthy habits into daily routines.
Funding for Growth and Expansion
The recent capital injection will enable Citring to accelerate its commercial growth and expand internationally. In its first year, the company has already validated a global demand for Citring One. This funding will enhance Citring’s operational capabilities, positioning it as a leader in the new product category it is pioneering.
Endorsements from Investors
Pepe Peris, Managing Director of Angels, reflected on the journey of Citring, noting that Roc participated in the first edition of Lanzadera Corporate in 2018-2019. He emphasized the importance of persistence and focus for entrepreneurs, which has led to this moment of reconnection and support for Citring’s next growth phase.
Olimpia Carabel, Investment Manager at Faraday, echoed this sentiment, stating, “Citring is a great example of the type of company we look to back at Faraday.” With this investment, Citring becomes the twelfth portfolio company of Faraday Europa II, VCF, which has already completed half of its planned investments in under two years.
About Citring
Citring is a Barcelona-based startup that focuses on developing innovative household appliances designed to simplify everyday life. Its flagship product, Citring One, has already sold thousands of units across 60 countries in its first year. Since its inception, Citring has raised over €3 million in funding, showcasing its potential for growth and innovation.
About Angels / Marina de Empresas
Founded in 2015 by Juan Roig, Marina de Empresas encompasses the EDEM Business School, the Lanzadera accelerator, and the investment company Angels. The initiative aims to foster talent and strengthen the business ecosystem in Spain. Angels has invested over €40 million in 70 companies, focusing on supporting entrepreneurial leaders.
About Faraday Venture Partners
Faraday Venture Partners is a pan-European venture capital firm with over 15 years of experience in investing in early-stage startups. With a network of more than 250 partners across the Benelux region, Germany, and Spain, Faraday has invested in 65 startups and achieved seven successful exits. Their commitment to supporting innovative companies like Citring reflects their belief in the potential for scalable business models.
Citring’s journey is a testament to the power of innovation and strategic investment in the startup ecosystem. With a clear vision and strong backing, the company is poised to make a significant impact in the household appliance market.
