By Robert J. CottrellSource Next Big Generation article Next BigGen is the name of the company that announced today it has raised a $50 million Series A round.
The company plans to invest in new equipment, research and development, and distribution.
“We are very excited to be joining forces with Next Big Generations as we build the next generation of affordable home appliances and furnishings,” Next BigGens CEO Joe DiGiovanni said in a statement.
“We believe our technology and engineering capabilities will make the Next BigGeneration of appliances and furnishes even more affordable and accessible for consumers.”
The company is targeting two major markets: First, the high-end luxury segment and second, the millennial consumer.
It is building a line of high-performance, ultra-luxury products to compete with the likes of Ikea, Kmart, Zappos, and Nordstrom, among others.
DiGiovann told investors in April that Next BigGEN will focus on products with the ability to last at least six months.
The firm’s current lineup includes an LED wall-mount light and a water-based water-resistant LED lamp, as well as a new product that will include a power outlet.