Australian luggage brand July co-founders Athan Didaskalou and Richard Li have acquired a 20% stake in Melbourne-based reusable water bottle maker Memobottle at a valuation of $10 million, SmartCompany reported. The personal investment pairs the founders with Memobottle creators Jesse Leeworthy and Jonno Byrt to scale global retail operations.
From Flat Bottles to Insulated Round Vessels
Those original models reached consumers across more than 2,000 retail locations in over 100 markets.
The newly formed partnership marks an immediate shift in product strategy. Memobottle is launching ‘memo Round’, its first insulated, round-shaped water vessel. The hardware debuts on Kickstarter on October 14.
“When you sell a flat paper sized bottle, your market is instantly halved,” Didaskalou told SmartCompany. “And now that you’ve got the brand equity and the brand credibility behind you, what else can you make?”
The new product features double-walled stainless steel insulation, a concealed 360-degree rotating mouthpiece, and three removable components engineered for cleaning. It ships in two sizes and eight distinct colorways.
Advisory Roles and Manufacturing Logistics
Discussions for the equity stake began nine months prior to the final agreement, initiated when Memobottle’s founders approached Didaskalou and Li for strategic guidance. Rather than providing an exit for early stakeholders, the financial injection is slated entirely for operational expansion.
“The idea is that we put that money towards growth, and we double down,” Didaskalou stated. Under the division of labor, Li takes charge of manufacturing, supply chains, and core operations. Didaskalou manages branding, marketing, and institutional partnerships.
July brings substantial partnership experience to the collaboration. The luggage brand previously secured major supply and promotional agreements with the Australian Olympic team, Qantas, American Airlines, and the Australian Open. Didaskalou aims to use similar commercial strategies to boost Memobottle's international presence.
US Retail Penetration and International Ambitions
While Memobottle products maintain distribution in over 100 countries, retail penetration inside the United States remains relatively restricted.
Didaskalou argued that Australian enterprises frequently concentrate efforts on defending domestic turf rather than pursuing aggressive international expansion. Younger startups increasingly look outward, but established firms often grow comfortable operating within a smaller regional economy.
“The real growth is in being big in the US, being big in Asia,” Didaskalou said. “Australia’s a fantastic market, but it’s almost like a global test bed.”
Alongside the ‘memo Round’ launch, the brand recently expanded into insulated food storage with the ‘memobento’ lunchbox range, a line that captured approximately $500,000 in Kickstarter pre-order revenue prior to the equity transaction.
