RainStick Shower Completes Oversubscribed $2.6M Seed+ Round

KELOWNA, BRITISH COLUMBIA – JULY 16, 2024 – Indigenous and women-led RainStick Shower, a leading water conservation technology company, has raised $2.6M (CDN) in its Seed+ funding round. The oversubscribed round builds on the company’s current market success and positions it for further growth across North America.

The round was led by Raven Indigenous Capital Partners, with significant co-investment from the BDC’s Thrive Lab, Buildtech VC and other angel investors. The new funding will enable RainStick to scale its operations, expand its market presence, and continue refining its product based on user feedback. The company is also set to introduce a new, cost-effective design in early 2025, ensuring more options for eco-conscious consumers.

“Facing a high cost of living and a growing climate crisis, with increasing drought and fires, Canadians are looking for cost-effective solutions to minimize their impact and manage their resources ,” said Alisha McFetridge, CEO & Co-Founder of RainStick. “RainStick Shower has developed North America’s first spa-like circulating shower application that provides 80% water and energy savings. With support from our partners, who also prioritize water and energy conservation, this investment will help us enhance our market reach and innovate further.”

Founded in 2019, with the goal to help households drastically reduce their water and energy consumption, RainStick Shower is sold at more than 100 distribution points across Canada and saw a 200% increase in revenues year-over-year.

Freshwater accounts for only 3% of the Earth’s water resources and is shrinking rapidly. The average 2-person household uses 600L of water per day, 50% of this is used in the bathroom. The shower also equates to one third of water and energy bills. RainStick's smart, sustainable circulating shower systems set a new standard in shower experiences and addresses the pressing water and energy conservation issues. It offers up to 80% water and energy savings - reducing water consumption from 100 L to 20 L's per 10 minutes shower, plus up to $1,100 in annual cost savings, all while providing a 2x better flow rate..

"RainStick’s innovative technology is crucial in the context of emerging water and energy scarcity,” said Stephen Nairne, Chief Investment Officer at Raven Indigenous Capital Partners. "We are thrilled to support the next phase of RainStick’s growth and impact, as it broadens its footprint across North America.”

While the technology enables people to save on precious resources, it delivers an elevated and customized shower experience. With the RainStick app, you can seamlessly monitor water and energy savings, and customize the shower settings to suit anyone’s preferences. It is also a more hygienic option than traditional showers with a low maintenance, built-in self cleaning system after every shower. All of these innovative features contributed to being named in TIME's 2023 List of The Best Inventions.

"BDC’s Thrive Lab is dedicated to supporting innovative companies like RainStick. A company at the forefront of social and environmental impact," said Sévrine Labelle, Managing Director, BDC’s Thrive Lab. "Our investment in RainStick reflects our belief that companies can have a positive social impact and deliver a return on investment.”

"We are incredibly grateful for Raven Indigenous Capital Partners and BDC's Thrive Lab investment," added McFetridge. "Their support is a powerful endorsement of our mission to provide sustainable, efficient solutions to water and energy challenges. These partnerships empower us to scale our impact, reaching more communities and addressing critical environmental issues."

About RainStick Shower

RainStick Shower is a Canadian clean technology company founded in 2019 to revolutionize the water technology space by imagining products that reduce domestic water and energy waste. Its mission is to provide fantastic experiences while contributing to a healthy planet, one RainStick at a time. RainStick was named to TIME’s List of the Best Inventions of 2023, Cleantech’s “50 To Watch” list, received the Best of KBIS 2022 Impact Award, Bluetech Forum's Best Water Innovation award, the CES 2022 Best of Innovation Award and earned first place in the 2022 KBIS Kickstarter Awards.