Mar 09, 2022, 09:17 ET
CANTON, Ohio, March 9, 2022 /PRNewswire/ -- Society Brands, an Amazon aggregator built for and by founders, today announced its first institutional capital raise of $204M led by i80 Group, a leading provider of capital to breakthrough technology companies. A combination of debt and equity, Society Brands will use the newly raised capital to continue acquiring Amazon FBA businesses at a rapid pace. The capital raise positions Society Brands as one of the best-funded Amazon aggregators in the world, and in a prime position to grow its portfolio to over $1 billion in revenue in the next few years.
The company, launched in October 2020, has a unique business model and deal structure that creates alignment with founders while truly enabling them to take their brand to new heights by sharing best practices and resources. Society Brands acquires e-commerce consumer products companies and encourages the founders to stay on board to be part of the team. It's their desire to build a community and ecosystem of like-minded entrepreneurs that have the skill and energy to grow with their brand. Not only will founders elevate to the next level professionally, but they will also develop relationships that will last a lifetime.
"We are excited to partner with i80 Group to fuel our growth by acquiring the best e-commerce native consumer products companies that embrace our unique business model," said Michael Sirpilla, CEO of Society Brands. "This capital raise is validation that we are building something very special here at Society Brands. We truly have a unique strategy and a great capital provider who shares our vision. It will be a lot of fun having a great partner like i80 Group along for the ride. The best is yet to come!"
Society Brands' model is "founder-friendly," offering a place for the right founder to stay on board with their brand and be part of a community of founders in a similar situation. Many e-commerce entrepreneurs aren't ready to retire and simply sell their business. Rather, they are young, thriving business owners who want to continue working after the sale. These founders join "the society" as a Brand President and get access to shared resources that can scale the business to new heights.
"Society Brands is a new Amazon aggregator coming into the space with a differentiated 'founder- friendly' approach to acquiring businesses," said Asher Hochberg, i80 Group Managing Director. "Society Brands is one of the first to encourage the founder to stay on board and be part of something meaningful in the future. With this unique model and its well-equipped executive team, we are confident in Society Brands' ability to take acquired companies to the next level."
The executive team assembled at Society Brands has collectively sold over $2 billion on e-commerce and has been part of two billion-dollar M&A consolidations in separate industries. Society Brands leadership team consists of CEO Michael Sirpilla, President Justin Sirpilla, COO Shawn Dougherty, CMO John W. Collins, Board Members Johnny Sirpilla and James Gilbert, and Advisor Court Coursey.
Society Brands will use the $204M capital raise to acquire e-commerce native consumer product brands with a heavy concentration on Amazon. The company will also hire additional talent, expand their operating platform, and build propriety technology to find companies to acquire.
Society Brands worked with SenaHill Partners, a New York-based merchant bank, as a strategic and financial advisor during the capital raise.
About Society Brands
Society Brands is a tech-enabled consumer products company that acquires e-commerce native brands that primarily sell on Amazon and their own DTC sites. The company was built for and by founders, providing entrepreneurs meaningful liquidity while at the same time affording them an opportunity to stay on board, build their brand and roll equity into Society Brands' platform. For more information, please visit www.societybrands.com.
About i80 Group
i80 Group is an investment firm designed to propel the innovation economy forward by empowering growth. The firm provides bespoke financing solutions that are unique to each partner's needs, advancing them through critical growth milestones. Like the I-80 freeway from which it takes its name, the firm operates at the intersection of Silicon Valley innovation and Wall Street finance. For more information, please visit www.i80group.com.
The Brand Amp
SOURCE Society Brands
Share this article