Published in Breaking News

Oxx closes $2M raise to fund new product development

BY MiBiz Staff Friday, April 14, 2017 03:51pm

GRAND RAPIDS — Oxx LLC, a manufacturer of rugged appliances, closed a $2 million capital raise earlier this month.

The Grand Rapids-based company, which currently produces a crush-proof, dust-proof and waterproof single-serve coffee maker, plans to use the influx of cash to increase new product development, grow inventory and add staff, President Jim Doan said in an email to MiBiz.

Oxx formed in 2013 with $500,000 in cash from Start Garden LLC, a Grand Rapids-based venture capital fund created by Amway scion Rick DeVos.

In December 2016, the company closed on a $200,000 capital raise to expand its inventory in preparation for the holiday season.

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