Dragonfly Receives Significant Investment from L Catterton's Flagship Buyout Fund

GREENWICH, Conn. and BOSTON, March 2, 2022 /PRNewswire/ -- Dragonfly ("the Company"), a technology-enabled platform acquiring and scaling standout e-commerce brands, today announced that it has received a significant, proprietary investment from the Flagship Buyout Fund of L Catterton, the largest global consumer-focused private equity firm. Inclusive of L Catterton's growth investment, the Company has raised over $500 million of incremental equity and debt financing, primarily to fund future growth and M&A.

Launched in 2019 by MIT-trained engineers and serial entrepreneurs, Philip Butler and Jeremy Todd, Dragonfly acquires, incubates, and licenses fast-growing consumer brands and rapidly scales them in a digital-first environment. Since its founding, Dragonfly has developed proprietary algorithms and technologies to inform its acquisition strategy as well as in-house new product development and creative capabilities to build de novo brands and products at scale. With L Catterton's support, Dragonfly will further accelerate its strategy of acquiring, launching, and scaling exceptional digital brands as it continues to realize its vision of building a next-generation consumer products platform.

"This transaction with L Catterton marks an important milestone as we continue to acquire and develop standout e-commerce brands that enrich people's lives in unique ways," said Philip Butler, CEO and co-Founder of Dragonfly. "This partnership and growth capital will inflect our rate and pace of growth by enabling us to build and acquire more scaled and impactful e-commerce brands as well as pursue world-class digital and brand talent. We couldn't be more pleased to partner with the L Catterton team, who bring a stellar track record in brand investing, global insights, and capabilities, as well as deep operational expertise in our space."

"Dragonfly has created a remarkable platform with multiple levers – both organic and inorganic – to drive growth within a dynamic and rapidly-expanding environment," said Nikhil Thukral, a Managing Partner in L Catterton's Flagship Buyout Fund. "We admire Dragonfly's thoughtful approach to brand-building and are impressed by the people, processes, and capabilities that have been built to-date. We're thrilled to have found like-minded partners in Philip and Jeremy as we look to actualize the massive opportunity we collectively see to reimagine how to build and scale consumer brands."

L Catterton has significant experience investing in fast-growing and disruptive digital brands. Current and former Flagship Buyout Fund investments include: Function of Beauty, Peloton, Restoration Hardware, Birkenstock, Hanna Andersson, Boll & Branch, and Everlane.

About Dragonfly

Dragonfly is an acquirer and developer of standout e-commerce businesses. Its acquisition strategy is guided by proprietary technology and its global team's deep experience building successful e-commerce businesses. For more information about Dragonfly, please visit dragonflycommerce.com.

About L Catterton

With more than $30 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is the largest global consumer-focused private equity firm. Leveraging deep category insight, operational excellence, and a broad strategic network of relationships, L Catterton's team of nearly 200 investment and operating professionals support management teams around the world in building strong, category-leading brands. Since 1989, the firm has made approximately 250 investments in consumer businesses. For more information about L Catterton, please visit lcatterton.com.

Media Contact:

L Catterton
Julie Hamilton
Managing Director, Firm Communications
[email protected]
203.742.5185

SOURCE L Catterton