Toulouse. The Kippit company, in difficulty, goes in search of investors
A durable, 100% repairable kettle, made in France, which also steams, bain-maries, cooks pasta and teapots. The pitch for the first household appliance product designed by Kippit has already won over some 2,000 customers. Only latecomers linked to the industrialization of this multifunctional item have slowed down the Toulouse company in its tracks. Her financial difficulties forced her to apply for placement in receivership with the Toulouse Commercial Court. On May 12, the jurisdiction opened a six-month observation period and asked Kippit to provide it with a continuation plan by the end of June. For the Toulouse company, which is currently negotiating with its suppliers to spread its debt, it is a question of “giving itself time until the start of deliveries”.
“We should start delivering the kettles at the end of 2021, but successive delays in the manufacture of the stainless steel jug have placed us in a critical financial situation. 2020, we have since had to invest a lot in spare parts, electronic components and plastic materials. And, following Ademe’s Perfecto call for projects, which we won, we also had to launch studies for our multifunction toaster in 2021, which further put our cash flow under pressure”, explains Jacques Ravinet, co-founder of Kippit, with Kareen Maya-Lévy.
First deliveries end of June
The two partners are currently looking for investors, particularly industrial ones, likely to support them. They hope to be able to raise between 400,000 and 700,000 euros to straighten their cash flow, manufacture and deliver the first 2,000 copies by the end of October in order to fulfill 6,000 orders in total by the end of the year. The takeover, at the end of 2021, of their Isère subcontractor Dep Industries, responsible for transforming stainless steel into jugs, by the EDM group, specializing in the transformation of flat metal, will indeed allow Kippit to catch up and accelerate industrialization. The first hundred kettles could be delivered by the end of the month.
“EDM is going to overhaul the process so that the next series are manufactured in a faster and less artisanal way. From November, we will be able to reach a rate of 1,500 units per month,” explains Jacques Ravinet. After the Jaden kettle, the Kippit company has plans to launch two new products, a multifunction toaster, which is scheduled to be marketed in 2023, and a washing machine by 2025. Both will be designed to be repairable for life. thanks to their plans available in open-source and their backward compatible evolutions. For the manufacture of washing machines, the company plans to build a dedicated factory in Prat-Bonrepaux, in Ariège.
Johanna Decorse
In the photos: Jacques Ravinet, co-founder of the company Kippit, specializing in household appliances made in France, 100% repairable. // The Jaren hot water bottle. – Credit: Valentine Chapuis-ToulÉco.