Bark & Co Raises $60 Million in New Funding Round
Company Behind BarkBox Will Focus Funds on Accelerating Growth, Expanding Offerings for Dogs and Their People
May 17, 2016, 09:00 ET
NEW YORK, May 17, 2016 /PRNewswire/ -- Bark & Co, the company behind BarkBox, today announced $60 million in new funding to grow and expand its offerings for dogs and their people. The round was led by August Capital and included funding from return investors RRE and Resolute Ventures.
Bark & Co launched in 2012 and already surpassed a $100 million revenue run rate, while raising only $17 million in prior funding. The foundation was built on the strength of the company's first business, BarkBox, a monthly box of toys and treats, which has shipped 25 million products since launch and doubled revenue YOY in 2015. Building on BarkBox momentum, the company launched BarkShop, BarkPost, and BarkLive, which have matured into high gross margin businesses and now collectively represent more than 25% of the company's total revenue. Now, with more diverse revenue and margin growth, and new funding, the company will continue its evolution from a focus on reselling to creating its own Bark & Co products: toys, treats, content, and experiences.
Other Highlights
- BarkBox will double revenue YOY in 2016, surpassing the $100 million mark.
- Bark & Co-branded toys, such as The Dognald, have regularly topped BarkShop's bestseller list. The Dognald has sold out four times since launching in the last year.
- BarkPost now reaches over 10 million unique visitors every month with viral hits like the Dog's Best Day series, which has been viewed more than 60 million times, and serves advertisers like American Express, Subaru, Procter & Gamble and Merial's NexGard.
- Last year, the company hosted BarkFest, the "World's Biggest Festival for Dogs and Their Groupies," in Brooklyn and drew 8,000 people with their dogs.
"Bark & Co is obsessed with making dogs and the people who love them happy," said Matt Meeker, CEO and co-founder of Bark & Co. "Our goal is to do for dogs what Walt Disney has done for children. We're excited to launch new products and experiences based on years of feedback from dog parents and we'll approach every new venture with the same dedication to design and fun that brought you BarkBox, BarkShop, BarkPost and BarkLive."
A Look Ahead: BarkShop Live, New Toys & Treats & BarkFest 2016
Bark & Co is just getting started with multiple new initiatives launching in the coming weeks and months. In a separate announcement, the company today unveiled BarkShop Live, a specially curated "pup-up store" that runs June 6-12th in SoHo, Manhattan. BarkShop Live will feature the first test of new retail technology allowing "dogs to shop." Bark & Co will also soon launch a new product line of Bark & Co toys and treats, and hosts BarkFest 2016 this Sunday, May 22, in Manhattan. In addition, company will host BarkFest Los Angeles this fall.
"Bark & Co achieved impressive growth, scaling BarkBox and diversifying itself in just a few years and on such little funding to date," said Tripp Jones, partner at August Capital. "We're thrilled to support the company as it grows and launches new products for dogs and their people."
Citi acted as exclusive financial advisor to Bark & Co.
About Bark & Co
Bark & Co is the New York-based startup that's dedicated to making dogs and their humans happy. Since launching in 2012 with BarkBox, a monthly box of treats and toys, Bark & Co has shipped more than 25 million products and expanded into creating its own products, experiences and entertainment with BarkShop, BarkLive, and BarkPost, one of the largest publishers dedicated to dogs online. To learn more go to Bark.co.
Media Contact: Garland Harwood, [email protected]
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SOURCE Bark & Co.