Essential Products worth nearly a billion dollars

Andy Rubin’s market pull is growing by the funding round as his startup, Essential Products, has earned $300 million. Research firm Equidate now values the company at $993 million.

Adding the money earned to the $30.1 million raised in Series A from February 2016 and it seems that the company is approximately one-third leveraged on investors. It’s not clear how Rubin has split the remaining stake.

Essential Products was reportedly denied a $100 million share of SoftBank’s $50 billion tech fund after Apple boarded $1 billion of its own cash into it.

The company will have to prove itself viable to whatever small niche it is going after that wants a modular, but clean smartphone with a smart home hub to go along with it if there’s any chance of it paying the cash back with interest.

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Jules Wang
Jules Wang is News Editor for Pocketnow and one of the hosts of the Pocketnow Weekly Podcast. He came onto the team in 2014 as an intern editing and producing videos and the podcast while he was studying journalism at Emerson College. He graduated the year after and entered into his current position at Pocketnow, full-time.