Aquablu Aquablu CEO Marnix Stokvis reveals his startup fundraising journey of raising capital without venture capital firms. Startup advice every entrepreneur needs.

One cold message. To Frans van Houten, former CEO of a $20B company. Most founders wouldn't dare, but Marnix took the risk, and it changed his whole startup valuation.

Aquablu CEO Marnix Stokvis shares his startup fundraising playbook for raising capital from operators. Hardware startup building is always tricky, & he proved that you can raise capital if your direction is clear.I spoke with Marnix Stokvis, CEO & co-founder of Aquablu, the Amsterdam-based startup that's doing for water what Nespresso did for coffee. Marnix started Aquablu while still at university with his co-founder Marc van Zuylen. Now they've raised $8.19 million, hit 300% year-over-year growth three years running, and reached profitability in 2025.

But here's what makes this episode different from every fundraising story you've heard. Marnix didn't raise a single euro from traditional venture capital. He built a curated round of operators, industry leaders, and believers who move fast and skip six-week board meetings.

Here is his background:→ Founded 2018 by Marnix Stokvis and Marc van Zuylen while at university→ Amsterdam-based smart water dispenser company→ Flagship product: REFILL+ chilled, sparkling, or still water with functional flavors, vitamins, and electrolytes→ Serves corporate offices, hotels, and hospitality→ Over 120 partnerships→ Red Dot Design Award certified→ Targeting €100M revenue by 2028 with fewer than 100 employees

The fundraising story flips all the previous playbooks:→ $8.19 million, zero traditional VCs→ Friends of Aquablu raise and curate operators and investors who share their speed-and-execution mindset→ Former Philips CEO Frans van Houten led the round→ €750K committed LIVE on the Dutch Dragons podcast, grew to €1.1M after it aired→ Pieter Schoen, Michel Perridon, and Bas Witvoet also joinedHe picked people who have built businesses that stood out.

Mostly hardware startups don't have funds and revenue while raising capital. He had both. He proved the PMF, and these numbers made people say yes.→ 300% year-over-year growth for 3 consecutive years→ Profitable since April 2025→ Expanding internationally across corporate and hospitality sectors→ Mission to save 1 billion plastic bottles by 2030→ Clients include Schiphol Airport, Adyen, and major hotel chainsWe discussed in detail:✅ How two university students went from zero to $8.19 million and profitability, without ever pitching a traditional VC firm.✅ Why Marnix chose operators over institutional investors and how Friends of Aquablu became the fundraising model that attracted serious capital initiative.✅ How Aquablu hit 300% growth three years in a row ✅ Why they're targeting €100M revenue with fewer than 100 employees, and the operational model that makes that realistic.About Aquablu:Aquablu is an Amsterdam-based smart water startup transforming workplace and hospitality hydration. Their REFILL+ system delivers chilled, sparkling, or still functional water infused with natural flavours, electrolytes, and B vitamins, eliminating single-use plastic bottles. Learn more → aquablu.comAbout Deal Makers (& Fakers) Podcast:Raw, unfiltered founder conversations about startup fundraising. Just brutal truth about raising capital, investor rejections, pitch deck failures, and fundraising strategies that actually work.I'm Niclas, building spectup into a neo-investment bank. As VC scouts and private placement, we connect high-potential companies with the right investors, from Seed through Series B and beyond.Reach out → spectup.com

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This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit dealmakersandfakers.substack.com