Ember Receives Debt Financing from Crescent Cove Advisors LP to Continue Rapid Growth and Expansion of Temperature Control Products
LOS ANGELES, Sept. 25, 2019 /PRNewswire/ -- Ember, a design-led, temperature control technology brand ("Company") today announced that Crescent Cove Advisors LP (together with its affiliates, "Crescent Cove") provided debt financing to the Company to further support Ember's rapid growth and expansion into new products and market segments.
"Ember is excited to welcome Crescent Cove, a premier investor, as we continue our rapid growth and global expansion of Ember. Crescent Cove's investment will enable us to further advance our innovation and development of our product pipeline and IP as it pertains to temperature control," stated Clay Alexander, CEO and Founder of Ember. "Our mission is to harness temperature control technology to improve people's lives, and with Crescent Cove's involvement, we expect to be able to successfully deliver new solutions in our current markets as well as drive new opportunities."
Since the Company's founding, Ember has received 40+ granted patents worldwide which center around innovative solutions anchored in temperature control technology. From creating the world's first temperature control mug that revolutionized the coffee and tea drinking experience, to inventing the most advanced temperature control baby bottle, Ember has created a brand that is synonymous with design, quality and functionality.
Ember temperature control smart mugs are active in over 200 countries worldwide and available in over 7,600 retail stores including Starbucks, Apple, Best Buy, Bloomingdales, Sur La Table, Verizon, MoMA Design Store and Selfridges, to name a few. With the continued expansion of the brand's retail footprint, Ember is quickly carving out demand and creating a new marketplace for temperature control products.
Jun Hong Heng, Founder and Chief Investment Officer at Crescent Cove, commented, "Crescent Cove is thrilled to work with the exemplary management team at Ember and become one of Ember's primary financing providers. We see a significant opportunity to build upon Ember's world class technology platform in revolutionizing temperature control and accelerate its rapid growth. We look forward to supporting Clay and his team as they find innovative new ways to deploy their technology to solve critical real-world problems."
The transaction closed in the second quarter of 2019. Crescent Cove provided all committed financing for the transactions.
About Ember
Ember is a design-led temperature control brand and technology platform, whose mission is to revolutionize the way people eat, drink and live. Founded by inventor and serial entrepreneur Clay Alexander, Ember creates, designs and develops temperature control products that offer people complete customization. Currently available, the award-winning Ember Travel Mug and Ember Mug are the most advanced coffee mugs on the market, allowing individuals to set and maintain their preferred drinking temperature for hot beverages. Ember's world-class team consists of product designers, engineers and executives formerly with Apple, Microsoft, Nokia, Under Armour, Beats by Dre and Amazon Labs. For more information, visit ember.com and connect with us on Facebook.com/ember, Instagram.com/ember and Twitter.com/ember_tech.
About Crescent Cove
Crescent Cove is an alternative investment firm founded in 2016. Crescent Cove focuses on creating value through investing in growth-oriented private companies and investment partnerships across a variety of industries. Committed to providing long-term opportunities, Crescent Cove seeks to provide structured capital solutions and partner with exceptional management teams. More information is available at www.crescentcove.com or find us on LinkedIn.
SOURCE Ember
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