LOS ANGELES, Aug. 3, 2017 /PRNewswire/ -- Sugarfina, the luxury confections brand, today announced it has closed a $35 million growth equity financing from private equity firm Great Hill Partners, bringing the company's total funding to over $50 million. Great Hill Partners' Managing Partner Michael Kumin and Partner Peter Garran will join the Sugarfina Board of Directors. Imperial Capital led the process.
The new funding will be used to continue scaling the omnichannel brand across web, mobile, retail, wholesale, and corporate gifting, as well as to expand internationally to the Middle East, Europe, and Asia. Sugarfina currently operates in the U.S. and Canada and will begin its overseas expansion in early 2018.
Sugarfina launched online in the summer of 2012 and has since grown to 24 boutiques and 14 shop-in-shops in North America. The brand focuses on creating the highest-quality confections in partnership with artisan candy makers around the globe. More than three quarters of Sugarfina candies are exclusive and can't be found at any other candy store.
Sugarfina is known for its innovative confectionary creations including recent collaborations with Casamigos Tequila and Pressed Juicery. In 2016, Sugarfina launched Whispering Angel Rosé gummy bears, which sold-out in two hours and generated an 18,000-person waitlist.
Sugarfina's on-trend approach to candy, paired with its strong omnichannel distribution, have propelled the brand to become the fastest-growing confections retailer globally. After posting nearly $25 million in revenue in 2016, Sugarfina is on track to double its revenue in 2017.
"Great Hill is a fantastic partner that deeply understands our customer and how she shops," said Sugarfina co-founders Rosie O'Neill and Josh Resnick. "We are confident that together we will continue to grow the brand and connect with our customers across the globe."
"Sugarfina is a proven disruptor in a huge industry that hasn't seen a lot of innovation," said Peter Garran, Partner of Great Hill Partners. "While many established brands are struggling in today's retail environment, Sugarfina is thriving due to their innovative products, distinctive branding, and unique, experiential approach to luxury confections. We are excited to partner with Rosie, Josh, and the entire Sugarfina team."
Sweethearts Rosie O'Neill and Josh Resnick had dreamed of opening a luxury candy boutique ever since their third date, a screening of Willy Wonka and the Chocolate Factory. They fell in love over the unique and delicious candies they tasted while traveling and were inspired to bring a new concept in gourmet candy to the United States. Named one of the world's most beautiful candy shops by Architectural Digest, Sugarfina opened its first boutique in November 2013 in Beverly Hills and now operates 24 boutiques and 14 Nordstrom shop-in-shops across North America in major cities such as Los Angeles, New York, San Francisco, Boston, Chicago, and Vancouver. Before Sugarfina, Rosie and Josh had every kid's dream job - Rosie was the Director of Marketing for Barbie, and Josh was the co-founder and President of Pandemic Studios, a major video game developer. To learn more about Sugarfina, visit www.sugarfina.com or follow us on Instagram, Facebook, and Twitter @sugarfina.
About Great Hill Partners:
Great Hill Partners is a Boston-based private equity firm that has raised over $5 billion in commitments since inception to finance the acquisition, recapitalization, or expansion of growth companies in the communications, financial technology, healthcare, information services, Internet, media, retail, consumer, and software industries. Great Hill targets investments of $25 million to $200 million. For more information, visit www.greathillpartners.com.
Mary Kate Bertke
Director of Investor Relations
Great Hill Partners, LP
Brooke Scher Mogan
Senior Vice President
ALISON BROD MARKETING + COMMUNICATIONS
View original content with multimedia:http://www.prnewswire.com/news-releases/sugarfina-closes-35-million-growth-equity-financing-to-further-develop-e-commerce-and-mobile-platforms--international-expansion-300499214.html
SOURCE Great Hill Partners