‘Exciting times’ as Raspberry Pi welcomes its $45m investors
“Exciting times” said Eben Upton as Raspberry Pi (Trading) closed a $45m funding round led by London-based Lansdowne Partners and The Ezrah Charitable Trust.
The CEO and co-founder of the entry-level computer was speaking as the Cambridge company – which has raised £30m in charitable gift aid to date – announced its new fundraise, which follows an extended period of rising demand for its products during lockdown.
Raspberry Pi was founded in 2008 to design very low-cost, high-performance computers to broaden access to computing, especially for young people. Today, Raspberry Pi ships 7m devices a year for schools and for industrial IoT applications, and has generated £30m in charitable gift aid to the Raspberry Pi Foundation. Sales are now at 42m units to more than 100 countries.
Eben said: “We are seeing strong demand from consumers as they use our PCs to access the internet for work and entertainment, and even faster growth from industrial companies globally as they design Raspberry Pi into their innovative IoT applications.”
“We are pleased to welcome Lansdowne Partners and The Ezrah Charitable Trust as our first outside shareholders to help us achieve the next steps in our growth,” said Eben in a statement.
“We are seeing strong demand from consumers as they use our PCs to access the internet for work and entertainment, and even faster growth from industrial companies globally as they design Raspberry Pi into their innovative IoT applications. This funding will enable us to scale to meet future demand.
“Our new investors will not only add value to our strategy and help support our growth but they also understand the rationale and ethos of our business model, aimed at enabling access to hardware and software tools for everyone and delivering a consumer PC experience from only $35 as well as building partnerships with a growing range of OEMs across the world.”
Rapberry Pi started – like the ZX81 and Spectrum created by Cambridge-based Clive Sinclair – by appealing to the hobbyist market an has expanded unrelentingly ever since.
Eben told the Cambridge Independent to expect scale-ups. He said: “In the short run we’ll be investing more heavily in supply chain and production to meet increasing demand for our products. In the longer-term, this funding will allow us to scale up our Cambridge-based design team to grow our product offering – exciting times!”