We’ve just raised an $18M Series A round to pull in the future of consumer electronics, with Spark Capital as our lead investor. We couldn’t have done it without you. The immense and immediate interest from all of you in our mission and in the Framework Laptop made it clear that we’re on the right track. This industry is long overdue for deeply personal products that are designed to last. This was as obvious to all of you as it was to us, and our partners at Spark have full belief in it too.
I know the team at Spark from Oculus where they had also led our Series A, and I’m excited to be working with them again. They both come from and have helped grow some of the strongest consumer brands out there. Kevin Thau who is joining our Board was one of the earliest hires at Twitter and a key leader on product and partnerships there. We also have Pathbreaker Ventures, Anorak Ventures, and Formic Ventures returning from our Seed round. All of these partners are working with us out of deep conviction in both our team and our mission.
We’re using this $18M to fund development of upcoming product categories and the long roadmap of new modules and geographic expansion for the Framework Laptop. Much like our products are built around longevity, we’re building this company for the long haul. We don’t need investor funding to keep the lights on; we instead use it to accelerate bringing upgradeability, customization, and repair to more of consumer electronics. We’re not ready to share what the next products are just yet, but this funding unlocks categories even more ambitious than our first one. We have a detailed plan in place for the next two years and napkin sketch ideas going out a couple of decades.
Our commitment is to always align incentives around longevity. Products that can be upgraded, customized, and repaired to last longer are better for consumers and less harmful to the environment, while also being the core of our business model. We want to maximize the number of people happily using their Framework hardware and minimize the amount of material sitting in a drawer or going to a landfill. The larger the active install base is on a Framework product, the healthier the Marketplace around it can be, supporting new modules, fostering a market for used parts and products, and enabling a broader range of users and use cases than we could ever handle on our own. We’re already seeing the early stages of this with the Expansion Card Developer Program, and we have a lot more planned for the Marketplace and the Framework Laptop ecosystem in 2022.
All of this of course requires an incredibly capable and creative team. The biggest benefit of our Series A fundraise is being able to continue to grow an amazing team to land our insanely ambitious mission and strategy. We’re hiring across every area of the company; especially key are our Product Marketing Manager, Hardware Engineering Manager, and Full Stack Developer roles. We would love for you to join us to build the products that people and the planet deserve.
We can’t wait to share what’s coming in 2022 and the years ahead.