BOSTON--(BUSINESS WIRE)--The Finally Light Bulb Company, a Boston-based lighting technology start-up today announced it has raised a $50MM Series D round of financing. Finally, which manufactures light bulbs that utilize the company’s patented Tesla Technology rather than LED, will use the capital to support Research and Development as well as Sales and Marketing efforts including the development of new and improved products and increased support for the expansion of retail distribution initiatives.
The Series D round was led by Brian Kelley. Mr. Kelley, the former President of Coca-Cola Refreshments who oversaw the development and extension of the Keurig beverage ecosystem while Chief Executive Officer at Keurig Green Mountain, is now a partner at the private investment firm Lindsay Goldberg. “I cannot think of anyone today who is truly satisfied with their light bulbs,” said Kelley. “A lot of bulbs were rushed to market to meet demand when incandescent light bulbs started getting phased out by the government,” Kelley continued, “conventional wisdom suggested that LED was the best lighting option because there were no other alternatives - but thankfully, the Finally Light Bulb Company refused to settle. Its Tesla Technology is a total game-changer.” Kelley will join the Board of Directors of Finally in March.
“The Finally story is about solving a problem,” said Michael Simon, Chief Executive Officer of the Finally Light Bulb Company. “Innovation, perseverance and passion are all a part of the solution. In the end we produce a product that enables people to enjoy better quality light without having to sacrifice energy efficiency and long life.”
Since 2012, Goscha has raised $93MM for the Finally Light Bulb Company, including the $50MM from this round. The company now has 40 employees.
“Six years ago, I truly had a light bulb moment – but it wasn’t a good one,” said John Goscha, Founder and Chairman of the Board of Finally. “I needed to replace an incandescent light bulb and couldn’t find an affordable light that came close to the warm glow I was so used to. I couldn’t believe that with all their R&D and big budgets, lighting companies couldn’t reproduce the light we love.” Goscha hired a number of scientists and engineers from top lighting companies, including GE, Osram, Sylvania and Panasonic to help him develop an energy efficient light that better replicates the distinct glow of the old incandescent lighting technology.
“We call it Tesla Technology because it is based on Nikola Tesla’s early light bulb experiments,” said Goscha. “We paired his research with tech advances only available this century, to produce the same pleasing warm glow as the incandescent bulb,” continued Goscha. “Our Finally light bulbs are energy efficient, enjoy a long life and produce a better light spectrum that LED and other lighting technologies cannot.”
About The Finally Light Bulb Company
Massachusetts-based technology start-up, the Finally Light Bulb Company, offers a high-quality, long lasting and energy-efficient home lighting solution for consumers. Finally has developed Tesla Technology, a patented technology that delivers better light quality and produces 66% less harsh blue light than the average LED light bulb. Finally currently offers 60 watt, 75 watt, 100 watt equivalent standard A-line and G25 vanity light bulbs. Finally light bulbs are available in nearly 3,000 retail doors in the US through club, specialty hardware, office supply and select grocery stores including Costco, Ace Hardware, Staples, Big Y, Harris Teeter, Wegmans and regional Home Depot stores. Online, the company most notably sells on Amazon, Wayfair, The Home Depot and the company’s website www.finallybulbs.com