Keen Home sells wifi-connected air conditioning vents you can retrofit in your house, and a lot of people want to own them.
The company has done more than $2 million in sales of their smart vents, which allow users to heat or cool individual rooms in a house. People also just want to own the company itself.
Since the NYU ACRE cleantech incubator company appeared on Shark Tank last year, it has offered itself up for equity crowdfunding. This relatively new form of startup investing lets regular people to buy equity in the company. So far, Keen Home has raised more than $7 million in funding on equity crowdfunding sites SeedInvest and Crowdcube.
Keen Home was founded by Nayeem Hussain and Ryan Fant. On Shark Tank, shark Robert Herjavec invested in the company.
Equity crowdfunding remains an interesting space to watch. It could certainly open up a waterfall of money for startups who are able to effectively market themselves to investors around the country. The knock on it, which is that average people will not get the best dealflow or the best terms on the investments they make, remains legitimate. Still, for a startup like Keen Home, which has an easy to understand product and has been beamed into the homes of millions of American families, raising money from crowds makes a lot of sense.-30-