Consumer electronics company Framework says it has raised US$17 million (A$26.2 million) in a Series A-1 funding round, and will allow up to 100 community members to invest US$10,000 each in the company.
Framework makes laptops that are easily repairable, with the buyer able to purchase a device with no software, or else fully equipped with an operating system.
In a statement, the company said the US$17 million had come from Spark Capital, with Buckley Ventures, Anzu Partners, Cooler Master, and Pathbreaker Ventures participating.
Framework founder Nirav Patel said: "A core focus of this fund-raise beyond taking in capital is bringing strategic connections and expertise. We chose each of our new investors based on their belief in our mission, the strengths of their teams, the companies they work with, and the reach of their networks.
{loadposition sam08}"We’ve had a number of early partnership discussions with other start-ups in our investors’ portfolios, and we’re excited to share more about this as we deliver on the results.
"Cooler Master is a key strategic partner-turned-investor, having been both the supplier for our Framework Laptop 16 thermal system and the first company to join the Framework ecosystem with a compatible product, a case that enables Framework Laptop Mainboard re-use. We have additional collaborations with the Cooler Master team in incubation now."
Patel said there was one group of people more strategically important than any other: the Framework community.
"The third most common question we’ve gotten since starting Framework (after 'AMD when?' and 'Upgradeable graphics when?') is 'Can I invest in Framework?. The answer is finally… possibly," he said.
"In addition to the US$17 million of funds we’ve raised from traditional investors, we’re raising a US$1 million community round to enable 100 of you to invest $10,000 each in Framework.
"Investing in start-ups is approximately the riskiest place imaginable to put your money, and statistically, the most likely outcome for any individual early-stage startup investment is for it to become worthless.
"With that in mind, for both moral and regulatory reasons, we’re limiting participation to individuals and entities that meet the SEC’s Accredited Investor qualifications.
"This also allows us to publicly share the existence of this fundraising under the SEC’s 506(c) regulations. If you qualify as an Accredited Investor, believe in our mission and strategy, and are interested in investing in this round, you can get more details and apply here."