The philosophy of repairability embraced by Framework is poised to extend beyond just laptops, marking a significant evolution for the company. Founded in 2019, Framework was quick to recognize the growing interest in right to repair legislation as states began exploring such bills. In 2021, the company introduced its first product, the Framework 13, a year ahead of New York passing the Digital Fair Repair Act.
With a deliberate approach to fundraising, Framework has focused on efficiently expanding its mission rather than raising large sums of capital. Their recent $17 million Series A-1 funding round reflects this strategy, enabling the company to continue its commitment to user-repairable and upgradable laptops. CEO Nirav Patel emphasizes that Framework is a consumer electronics company at its core, hinting at plans to expand beyond laptops in the future.
The funding will also support hiring efforts, with Framework looking to fill 10 positions in 2024. Despite a modest headcount of under 50 employees, the company operates in 13 countries, including the newly added market of Poland. By selling directly to consumers and bypassing traditional distribution channels, Framework has established an efficient operational model characterized by a short pipeline from warehouse to doorstep.
The Series A-1 round was led by Spark Capital and included investments from Buckley Ventures, Anzu Partners, Cooler Master, and Pathbreaker Ventures. In a unique move, Framework is opening up $1 million for equity crowdfunding, allowing 100 investors to participate with $10,000 investments. Patel sees this as an experiment in building a community board of investors with varied backgrounds.
As the company looks ahead to new product categories and continued global expansion, the latest funding round represents a key milestone in Framework’s journey towards advancing repairability in consumer electronics.
