Energy drink Mati raises $3.6 million in equity from 30 investors
DURHAM — Mati LLC, an energy drink company based in Durham, has raised more than $3.6 million from selling equity, according to a Securities and Exchange Commission filing on Wednesday.
The money was raised from 30 investors with the date of the first sale in mid May.
The filing disclosed that the money would be used for the payment of salaries and other compensation and benefits. “No officer, representative, member or promoter will receive any payments from the proceeds of this offering,” it clarified.
The round is capped at $4.5 million – with a total of around $881,000 still to be sold.
Back in early 2018, Mati named former Coca-Cola exec Eric Masters as the new CEO when its founder, Tatiana Birgisson, exited the company after six years.
Birgisson founded the firm in 2012 after experimenting with teas in her Duke University dorm room. Her goal was to create an energy drink that was equal parts healthy and effective.
Mati has formed partnerships with stores such as Whole Foods, Costco, Kroger and others. The startup also won the “Google Demo Day” title in 2015.
The startup also raised $2 million 2018 and $5 million in August 2017.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.