WASHINGTON, April 21, 2016 /PRNewswire/ -- Framebridge, the online custom framing startup that makes it easy and affordable to custom frame what you love, today announced $9 million in additional venture funding. The latest investment arrives as the company opens a new hi-tech framing facility in Richmond, Kentucky, to help meet rapidly-growing demand for high-quality, handcrafted custom frames that ship directly to consumers. The additional financing comes from SWaN & Legend Venture Partners, as well as existing investors New Enterprise Associates and Revolution Ventures. SWaN & Legend Managing Director Fred Schaufeld will join the Framebridge Board of Directors.
"We were attracted to how Framebridge has reinvigorated the custom framing industry and its demonstrated success at an early stage," said Schaufeld. "The company has shown significant customer growth and operational improvements, while remaining focused on delivering a top-notch customer experience. It is the type of company we look for when we make funding decisions. It fills a market need with very affordable pricing for custom framing, great operational support and potential for incredible growth."
The new 100,000-square-foot production facility will immediately increase Framebridge's operational capacity six-fold, as well as make delivery times more efficient throughout the United States, eliminating multiple days in transit to specific regions. The studio will feature increased automation and workflow enhancements, all powered by Joinery, Framebridge's proprietary production software. These improvements will improve delivery times, uphold strict quality standards and create efficiency savings to pass along to customers. The facility is expected to create over 75 new local jobs by the end of the year and opens in time to meet an expected increase in customer orders driven by Mother's Day.
The $9M in additional funding brings the company's total capital raised to over $20M in less than two years of operations. Beyond investments in manufacturing, the new funding will enable the company to scale marketing and partnership initiatives, invest in experience improvements and introduce new custom products and services. Framebridge has experienced rapid growth over its first 18 months as it continues to transcend the outmoded framing sector and take on a larger share of the $5 billion U.S. custom framing market.
"By investing in an improved customer experience, through faster deliveries of a custom product and a high standard of quality, we've seen lots of new, happy customers and growing excitement around the category," said Susan Tynan, Founder & CEO of Framebridge. "We're proud to keep growing our business with the continued trust of our investors."
A Fast and Easy Way to Custom Frame – And Everything Less Than $160 Framebridge launched in August 2014 as a solution to Tynan's ongoing frustration over the hassle and expense of getting her travel collectibles custom framed. The company reimagined the framing experience, leveraging technology, logistics and in-house production to make custom framing easy, seamless and affordable. Customers order online in a few clicks, selecting from a curated selection of stylish frame choices. Pricing is clear and based on art size, ranging from $39 to $159, significantly less expensive than traditional frame stores, and all shipping is free. Customers upload their art or mail it in using Framebridge prepaid packaging. The art is custom framed with precision and care by expert framers, then shipped directly to customers, ready to hang. The Framebridge design team reviews every order, provides free design consultations and is available to support customers at any step in the process.
"Framebridge is a perfect example of how the Internet can transform old service-based businesses, like custom framing, to better meet the demands of the modern consumer," said Tige Savage, Managing Partner at Revolution Ventures. "Consumers who viewed custom framing as cumbersome and expensive are now using Framebridge because it's so fast, easy, and affordable. Framebridge is expanding the category to a new generation of shoppers."
Framebridge now has 100 employees with the expansion, and will continue to operate its existing framing studio in Lanham, MD, near the company's Washington DC headquarters.
About Framebridge Framebridge is the simple way to custom frame what you love. Place your order at framebridge.com or with the Framebridge iPhone app by selecting from a curated collection of stylish frames, then mail us your art (we'll send free packaging) or upload a photo for us to print and frame. Your framed art arrives at your door beautifully framed and ready to hang. Framebridge offers clear pricing significantly cheaper than traditional frame stores and shipping is free.
Framebridge is headquartered in Washington DC and has 100 employees.
About New Enterprise Associates, Inc. (NEA) New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. www.nea.com.
About Revolution Ventures Revolution Ventures, led by Steve Case, Tige Savage and David Golden, invests in start-ups and early-stage companies founded and led by passionate entrepreneurs. Revolution Ventures is focused on investing in technology-enabled businesses that empower consumers and businesses and disrupt existing, multi-billion dollar industries. Revolution Ventures is headquartered in Washington, D.C. www.revolution.com/ventures
About SWaN & Legend Venture Partners Founded in 2012, SWaN & Legend Venture Partners invests in companies that are building engaging brands worthy of consumers' passions in the fields of retail products and services; technology-enabled commerce and education; food and hospitality; and sports and entertainment. Managing partners Fredrick D. Schaufeld, Anthony Nader, David Bosserman, Todd Klein and David Strasser work closely with staff and Limited Partners to invest in innovative early and growth-stage organizations headed by top-flight teams. They seek to be active and influential in the companies in which they invest, providing guidance, support, resources and confidence to the teams. The partners actively offer their experience, energy and deep network of friends and partners to help portfolio companies continue to build high-growth businesses. Collectively, the partners have raised more than $5 billion of institutional financing and participated in more than 150 private investments. For further information, please visit:www.swanandlegend.com