Mike Bell, the CEO of Miso Robotics, is revolutionizing the restaurant industry by designing and building robots and AI solutions that can prepare food in restaurant chains. Specifically, his most popular robot, Flippy, is an overhead robot on a rail that takes over all frying operations for quick-serve restaurants. Miso Robotics anticipated a labor shortage prior to the pandemic, which made its solutions appropriate for a full-fledged labor crisis.
Flippy has caught the attention of many quick-serve restaurant chains looking to offset the labor crisis. The massive market and low cost of entry ($3,000 per share) have attracted crowdfunding investors. Miso Robotics raised $60 million across Series C, D, and E rounds, all from crowdfunding.
Mike explains the advantages of crowdfunding for Miso Robotics and what types of companies can benefit from it. Crowdfunding enables thousands of shareholders to comprise one entity on the company’s cap table, making it easier to manage board matters. Crowdfunding also requires less extensive due diligence scrutiny than traditional venture capital since it only requires the company to prove the value of its product to non-accredited investors.
Mike believes that crowdfunding is not a one-size-fits-all solution; rather, companies need to be able to convey their story simply and clearly. It works well for B2B companies, and those that offer simple and clear solutions requiring little explanation, like Flippy.
For those interested in raising funds via crowdfunding, Mike advises first selecting the appropriate crowdfunding platform. Companies should also make marketing efforts a priority, targeting the websites and newsletters that go out to potential investors. Finally, companies should be cautious and watch their language when dealing with the SEC’s strict rules and regulations.
Miso Robotics’ current Series E round closed in January 2023, and more information is available on its listing on the WAX Invest platform.
