BROOKLYN, N.Y., March 3, 2020 /PRNewswire/ -- Brooklinen, the direct-to-consumer (DTC) accessible-luxury home essentials retailer, today announced a $50 million investment from growth equity investor Summit Partners. The funding will help fuel the brand's disciplined global market growth and omni-channel strategy.
The profitable Brooklyn-born and Brooklyn-based brand was founded in 2014 by husband and wife duo, Rich and Vicki Fulop, and has taken a disciplined approach to growth. Within the past year, the company has begun to expand its offerings, adding new categories like loungewear to its product lineup; launching a curated "Spaces by Brooklinen" home goods marketplace, featuring high-end, well-known, and indie brands; and opening its first permanent brick-and-mortar store in Williamsburg, Brooklyn. The new investment will be used to deepen customer touchpoints, extend Brooklinen's physical retail footprint and expand Brooklinen's growth across new domestic and international markets.
"Our customers are at the helm of every decision we make as a brand," says Rich Fulop, CEO and co-founder of Brooklinen. "This partnership with Summit will provide significant resources and perspective that will help us to further extend our omni-channel strategy, giving us the ability to be where our customers are whether that is online, offline, or in new markets."
Chris Dean, a Managing Director with Summit Partners, adds, "Brooklinen's profitability, customer repeat rate, and consistently smart and deliberate growth decisions make them a rare brand to partner with. Many brands focus on a growth-at-all-costs model that we believe isn't sustainable for longevity; we are thrilled to find a like-minded partner and to work together on the next stage of growth for Brooklinen."
Brooklinen will carry on with its mission of providing accessible luxury to all from its Brooklyn headquarters. Under the leadership of co-founders Rich and Vicki Fulop, the team will continue to deliver high-quality goods to customers at highly accessible prices along with exceptional customer service.
Citibank acted as an advisor to Brooklinen.
Launched in 2014, Brooklinen has established itself as the leading e-commerce disrupter of the overpriced and overcomplicated bedding industry, offering global customers a curated collection of stylish, luxury-grade linens at an accessible price-point. Based in Brooklyn, New York, the brand was founded on the philosophy that people deserve simple, beautiful home essentials without the luxury markup. By cutting out the middleman, Brooklinen manufactures responsibly and efficiently to offer exquisite design and exceptional savings, bringing effortless, affordable luxury to any home. Expanding beyond the bedroom in 2018, Brooklinen introduced bath goods to bring its signature soft goods experience into more rooms throughout the home and beyond. To learn more about Brooklinen, visit Brooklinen.com.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare, consumer and other growth industries. Summit has partnered with more than two dozen companies across the e-commerce and consumer landscape, including Club Champion, Morphe, Philz Coffee, Quay Eyewear, Reverb.com, Sezane, onXmaps, TinyPrints and Physicians Formula. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11-12 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.
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