July founders buy 20% of Memobottle at $10M valuation
What's the deal? The founders of Australian luggage brand JulyDealroom has a profile for this one. Try Dealroom → — Athan Didaskalou and Richard LiDealroom has a profile for this one. Try Dealroom → — have acquired a 20% stake in Melbourne drinkware maker MemobottleDealroom has a profile for this one. Try Dealroom → at a $10 million valuation. The pair invested in a personal capacity and will advise on product development, retail expansion, and international growth.
The companies: Founded in 2014 by Jesse Leeworthy and Jonno Byrt, Memobottle makes flat, paper-sized water bottles now sold through more than 2,000 retail locations across over 100 countries. July, a former Smart50 winner, has partnered with the Australian Olympic team, QantasDealroom has a profile for this one. Try Dealroom →, American AirlinesDealroom has a profile for this one. Try Dealroom →, and the Australian Open.
Why now? The investment grew out of discussions that began nine months ago, when Memobottle's founders approached Didaskalou and Li for advice on retail, product, and partnerships.
What's the endgame? The money is aimed at growth, not a founder cash-out. "The idea is that we put that money towards growth, and we double down," Didaskalou said. Li will focus on manufacturing, supply chains, and operations, while Didaskalou handles branding, marketing, and partnerships.
A new shape: One early move is the launch of memo Round, Memobottle's first round-shaped, insulated bottle, debuting on Kickstarter on October 14. It marks the company's first step away from its signature flat design, which Didaskalou says limits reach. "When you sell a flat paper sized bottle, your market is instantly halved," he said. The company has also expanded into lunchboxes with its memobento range, which drew roughly $500,000 in Kickstarter pre-orders.
US in focus: Despite its global footprint, Memobottle has a limited retail presence in the US, which Didaskalou sees as a major growth opportunity. He argues Australian businesses have historically defended their domestic market instead of chasing international scale. "The real growth is in being big in the US, being big in Asia," he said.
The signal: Didaskalou frames Memobottle as "less of a bottle business and more of a design business," betting that brand equity — not manufacturing — is the real moat. "The hardest part is not making the bottle. The hardest part is creating a relevant brand that people know and love," he said.
Read more: smartcompany.com.au
Image credit: Generated with Gemini
