TekDry increased its financing size and raised additional funds

Change: offered +49% / raised +100% / placed 73%

tekdryTekDry disclosed increasing the size of its equity placement by 49% to $600,000. The $440,000 raised by the company were committed to the offering by an undisclosed number of investors. The offering was originally launched almost two months ago, at the time no investors had subscribed yet. The offering’s expected net proceeds will amount to $480,000 which excludes $120,000 to be paid toward officers’ salaries. The subscription is structured to close once the 27% left is fully subscribed or in almost a year at the latest. The company is filing for the first time a registration exemption with the SEC.

The company developed a device that dries out and recovers water damaged smartphone and other electronic devices in thirty minutes while saving data such as photos or contacts. The company markets the device to businesses directly to increase foot traffic and widen their portfolio of services.

The company, headquartered in Broomfield CO, was registered in 2013. Revenues were not reported.
The executive team includes Adam R Cookson and Eric A Jones (Co-founders).

Offering recap
Status: Intermediary close
Company: TekDry
Industry: Other Technology
Amount offered: $600,000
Amount placed: $440,000
First sale: 01-13-2014


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