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Access Technology Ventures Leads US$300 Million Investment Round for Essential Products, Inc.

August 10, 2017

FOR IMMEDIATE RELEASE

New YorkAugust 10, 2017O’Melveny advised Access Technology Ventures as lead investor in the US$300 million funding of smartphone maker Essential Products, Inc. The funding brings Essential’s total capital raised to US$330 million. Other investors in the round included Redpoint Ventures, Tencent Holdings Ltd., Altimeter Capital, Vy Capital, and Amazon Inc.’s Alexa Fund. 

The O’Melveny team was led by partners Warren Lazarow, David Makarechian, and Heather Meeker, and associates Chris Dombkowski and Snehal Desai. 

About O’Melveny
O’Melveny’s clients shape markets, set precedents, and break boundaries. They are stalwarts and innovators, the names you trust, and the next big thing. And for more than a century, O’Melveny has been right beside them, kicking down walls and putting up defenses to help our clients achieve their most important goals. With approximately 700 lawyers in 15 offices worldwide guided by the principles of excellence, leadership, and citizenship, we uphold a tradition of treating our clients’ challenges and opportunities as our own. What do you want to achieve? For the answers, please visit www.omm.com.

Contact
Emily Lattal
O’Melveny & Myers LLP
212.326.2285
elattal@omm.com

The following release was issued by Access Technology Ventures and Essential Products:

Access Technology Ventures Leads $300 Million Investment Round for Essential Products Inc.

Access Technology Ventures makes $100 million investment in Andy Rubin’s Essential Products Inc.
Access Technology Ventures to join Essential’s board of directors

NEW YORK–(BUSINESS WIRE)–August 9, 2017–Access Technology Ventures, the venture capital and growth technology investment arm of privately held industrial group Access Industries, today announced its leading $100 million investment in the $300 million funding of Essential Products Inc., the smartphone maker founded by Andy Rubin, the creator of Android. Access will also join the company’s board of directors. 

Other investors in the round included Redpoint Ventures, Tencent Holdings Ltd., Altimeter Capital, Vy Capital and Amazon Inc.’s Alexa Fund.

“We are thrilled to work with Andy, one of the preeminent mobile entrepreneurs in the world. His experience, industry knowledge and proven ability to innovate, will help Essential as it develops a complete hardware-software ecosystem that puts users first,” said Pueo Keffer, Managing Director, Access Technology Ventures. “There is consistent demand in the mobile industry for new and enhanced technology which Essential is uniquely positioned to attract.” The investment is consistent with Access’s mandate to invest in and help build foundational companies that touch millions of customers across the consumer and enterprise technology ecosystems. “Along with its focus on founder-led companies, Access Technology Ventures’ global reach and long-term perspective match the scale and breadth of Essential’s ambition,” said Essential CEO Andy Rubin. Today’s investment brings Essential’s total capital raised to $330 million.
Access’s portfolio includes leading technology companies including Amazon, Alibaba, Facebook, Snapchat, Spotify, Square, Rocket Internet, Zalando, Digital Ocean, Opendoor, and Yelp.

About Access Technology Ventures
Access Technology Ventures is the venture capital and growth technology investment arm of Access Industries, a privately held, US-based industrial group with global strategic investments. Its portfolio includes leading technology companies such as Alibaba, Facebook, Snapchat, Spotify, Square, Rocket Internet, Zalando, Digital Ocean, Opendoor, and Yelp. www.accesstechnologyventures.com.

About Access Industries
Access Industries is a privately held, U.S.-based industrial group with global strategic investments. Founded in 1986 by Len Blavatnik, an American entrepreneur and philanthropist, Access invests to maximize long-term value by developing regional and global leaders. Its industrial focus spans four key sectors: natural resources and chemicals; media and telecommunications; real estate and hospitality; and venture capital. www.accessindustries.com.

About Essential Products
Essential Products is a new type of company focused on creating consumer technology products for the 21st century. Founded by Andy Rubin, co-founder of Android, the world’s most widely used operating system, Essential Products is headquartered in Palo Alto, California. For more information, please visit www.essential.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170809006226/en/

Access Industries
Jason Juceam
Brunswick Group
+1 212-333-3810
jjuceam@brunswickgroup.com

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