Revolights, makers of next-generation bike lights, raised $1 million of Series A funding in a round led by Sierra Angels with the Sacramento Angels as co-lead. Other investors included The Herjavec Group (as a result of a Shark Tank presentation), San Joaquin Angels, Berkeley Angel Network, and two funds, Augment Ventures, and Northern California Investment Fund LLC.
The company’s first product is the patented and award winning Revolights bike lighting system. It consists of “smart” rings of LEDs which attach to a bike’s wheels and synchronize to the bike’s speed to provide: forward path illumination, an actual brake light (it blinks when you decelerate), and a huge increase in bright 360-degree visibility. That is a key bike safety differentiator. The addressable market in the USA and EU is estimated to be ~$1,500M+
This was an interesting deal to put together as the Shark Tank episode was recorded about 6 months before it actually aired in March this year. The recording happened right in the middle of the fund raising. As it happened we were able to roll the investment by Robert Herjavec into this angel round. Read the full press release.