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.