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Like other innovative grills in the market, Spark Grills takes a different approach to charcoal grilling. To simplify the grilling process, they sell rectangular formed charcoal that they call Briqs for use in their Spark One grill. An electric igniter lights the Briqs, then with the Spark phone app you can control the temperature of your cook from 200 degrees to 900 degrees. The grill retails for $899 and Briqs are sold in packs and average $4-$5 each. The variety of Briq controls the temperature range and burn time.
When it comes to smart grilling, we often think of pellet grill examples like the new Traeger Timerbline XL or the new Recteq RT-1070. It’s great to smart charcoal grills in the marketplace. This brings great flavor and convenience to consumers that might otherwise be intimidated by grilling. We’ll see if Spark Grills attracts a different kind of consumer than other popular smart charcoal grill on the market, like the Masterbuilt Gravity Series or the Char-Griller 980, which uses traditional charcoal and a clever gravity fed design.
Investors are seeing the appeal of the smart charcoal grill as well as the innovative grill manufacturer, raised $6.9M in equity and options from a $12.5M offering according to a Form D filing with the SEC. This is their fifth financing round, for a total of $26.3M. Their rounds are shown below.
- 2017 round for $287,875
- 2019 round for $8,774,087
- 2020 round for $3,500,000
- 2021 round for $6,843,349
- 2022 round for $6,925,076