Founded in 2012 by John Goscha, the company makes energy-efficient light bulbs that use induction technology and are being offered as a substitute for incandescents and LEDs.

[4] The light bulb was officially launched and began sales in May 2014,[4][5][6] with $19 million in initial funding from several investors including Babson College professors.

[2][7] The company's business model is focused on the 2020 phase-out of incandescent light bulbs in the United States mandated by federal law.

Almquist previously led four private equity-backed companies as CEO, President, or Chief Customer Officer, having spent the first twenty years of his career at Procter & Gamble.

At the time, Finally light bulbs were available at Staples, Ace Hardware,[3] Amazon,[9] Wayfair,[2] and Walmart's online store.