Vessl, a US-based firm that delivers patented bottle closures for several applications, has secured an investment of $5m to support growth.
Canadian firm Beacon Hill Brands made an investment of $3m in Vessl’s Series B preferred stock and an additional $2m in Vessl’s subsidiary Virdi.
Additionally, Beacon Hill Brands paid the company $5m to purchase the distribution rights of Vessl’s Tea of a Kind brand and the patented Vessl closure for certain applications in Canada.
Vessl CEO Walter Apodaca said: “We considered many different opportunities before we were confident we had found an investor and distributor that would bring more than just capital but also offered a strategic opportunity to grow our business.
“The individuals behind Beacon Hill Brands have a proven track record of building brands and we expect that combining our patented Vessl closure with their marketing expertise will make Tea of a Kind, Kalvara, and other Vessl-powered brands household names in Canada.”
Vessl is a patented recyclable bottle closure system that enables instant and pressurised mixing of two ingredients before use.
The system allows the storage of all-natural concentrated ingredients in a pressurised and oxygen-depleted environment and helps the product to retain its qualities. It will also help the formulators to enhance functional efficacy, dosing accuracy and sensory impact of their products.
The Vessl’s closure can be used across several industry verticals including beverages, beauty products, pharmaceuticals and household chemicals. The closure system can also be customised to fit different containers such as plastic, PET, glass, aluminium.
Beacon Hill Brands founder and CEO Stephen Dick said: “We quickly recognised the tremendous opportunity that the innovative and eco-friendly Vessl technology offered for us to leverage our knowledge of the Canadian market and create a diverse range of high-quality, all-natural solutions.
“This includes the Tea of a Kind, Kalvara and the forthcoming PotShot and Dosable brands.”