Oct 26, 2021, 09:02 ET
NEW YORK, Oct. 26, 2021 /PRNewswire/ -- Bespoke Post, a multi-category e-commerce retailer, announces a $40 million Series B funding round led by NewSpring to fuel the rapid growth of the business and hone in on their efforts to help customers discover the most unique small brands.
The New York-based company was founded in 2011 to introduce customers to products from under-the-radar brands, once a month. Since then, they've worked with thousands of small brands, expanded their offering to thousands of products available to purchase each month, and grown to over 300k active members.
"We're extremely proud of the fact that 90% of the brands we carry are small," said co-CEO of Bespoke Post Rishi Prabhu. "They're fundamental to our ability to fulfill the promise we make to our members about discovering new gear and experiences. We also find small brands share our values in terms of having a deep commitment to authenticity, quality, and craft."
The company has focused on profitable growth over the years and has only raised $8 million prior to this round. Last year, the company saw revenue increase by 85%.
"Bespoke Post has focused on capital-efficient growth, led by a data-driven approach to merchandising and customer acquisition," said NewSpring Partner Hart Callahan. "We are excited to partner with the management team and continue to invest in the company's innovative technology and bring interesting, emerging brands to the market."
The company will use this funding to continue to seek out new small brands, launch retail partnerships, and invest in their data science capabilities.
"Over the last two years we've increased revenue per member by 35% thanks to a more personalized member experience," said co-CEO of Bespoke Post Steve Szaronos. "This is just the beginning of how we can use our existing insights platform to identify up-and-coming brands, and then get the most relevant products in front of our customers based on their interests."
The round included participation from Savano Capital Partners and Second Alpha along with existing investors Walden, Great Oaks, and 500 Global.
About Bespoke Post: Bespoke Post delivers thoughtfully curated under-the-radar goods and guidance through a monthly membership and e-commerce shop. Founded in 2011 by Steve Szaronos and Rishi Prabhu, the brand combines its love of finding and building great products with a tech and data-driven approach that delivers one-of-a-kind boxes through its 300K+ member strong membership. Bespoke Post is on a mission to introduce members to goods from small businesses and guidance that inspires curiosity and leads to enriching new experiences.
NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages approximately $2.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 180 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.
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SOURCE Bespoke Post
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