Robot cook manufacturer Miso Robotics is opening a Series E funding round after raising more than $50m through equity crowdfunding in its Series C and D.
The US-based company is aiming to raise $40m this round and plans to use the new capital to more rapidly satisfy the product demand it is facing in the marketplace, as well as grow its workforce, which has more than tripled in size in the past year.
It is currently accepting investment reservations in this round while it undergoes the Securities and Exchange Commission (SEC) review process.
In response to the traction the company is experiencing in the marketplace and with retail investors, Miso Robotics’ board of directors has declared a seven-for-one split of its common stock.
The conversion price of preferred shares was also adjusted so that each share of preferred stock will now convert to seven shares of common stock.
Given the company’s current valuation of $500m, this stock split is an effort to share value and opportunity with an increasingly interested retail investor community.
Mike Bell, CEO at Miso Robotics, said: “We’re thrilled to open our Series E round to the crowd after an incredible Series D raise. The significant interest we’ve seen from individual investors and brand partners is a testament to the pivotal role our technology plays in the restaurant industry. This next round will propel us forward to install in more kitchens and further increase our partners’ capabilities and positively impact their bottom line through automation.”
Miso Robotics reports it is continuing to see increased demand for its restaurant back-of-house technology solutions. The company’s recent Series C and Series D fundraisers accrued more than $50m through more than 15,000 new and returning investors.