Denver-based private equity investment startup, Stoic Holdings, has made its first investment deal of an undisclosed sum in New York-based Store-It-Cold.

 

Founded in 2014 by childhood friends Michael Dworkis and Ryan Berk, Stoic Holdings examined 260 companies before deciding to commit funds to Store-It-Cold, a company which makes a device that ‘tricks’ a window air conditioning unit into thinking a room is still warm, therefore keeping the small walk-in cooler until it reaches 38 degrees Fahrenheit.

 

Before the development of this device, called a CoolBot, a farmer who needed on-site cold-storage could pay between $4,000 and $5,000 to purchase an overhead cooling system, but now farmers can purchase a CoolBot for $300 and a window air-conditioning unit for an additional $500, saving their operation thousands of dollars.

 

“We see this as a product that delivers an immense value proposition versus the alternatives,” said Berk.

 

Store-It-Cold’s founder agreed to let Dworkis and Berk assume control of management of the company, and the pair are certain that they can raise sales of the CoolBot which currently stand at 6,000 units per year, mostly to agribusinesses and farmers.

 

Dworkis and Berk will assume the roles of co-CEOs of the company, but they are looking to hire a head of sales to drive international sales.

 

Stoic’s funds have been gained from approximately 30 investors, and the firm is seeking to acquire majority stakes in U.S. businesses that have a profit of between $1 million and $10 million per year.

 

“We’re looking for the older, less sexy companies,” said Dworkis