VENICE, CA, Parachute, the fast-growing home essentials brand based in Venice Beach, announced that it has raised $30 million Series C funding,
The round was led by H.I.G. Growth Partners and with participation from Upfront Ventures, Susa Ventures, Suffolk Equity, JAWS Ventures, Grace Beauty Capital and Daher Capital.
Founded by Ariel Kaye in 2014, Parachute has quickly established itself as a category leader, offering premium quality, responsibly manufactured bedding, bath, table linens and other home decor. Using only the finest, European-sourced materials, Parachute sells their highly curated textile assortment directly to consumers online and through an expanding network of company-owned stores. Since its launch, the brand has grown an average of 400% year-over- year.
"We've spent the past four years demonstrating product market fit, building a community of engaged customers and developing new products, services and experiences that strengthen brand loyalty," said Ariel Kaye, Parachute's Founder and CEO. "H.I.G. Growth Partners has had remarkable success in the consumer sector - optimizing and scaling brands globally while also providing resources and expertise in product, technology and other key departments. With their support, we have the opportunity to leverage our learnings, spur growth and provide consumers a truly world class shopping experience."
Parachute currently has three stores located in Venice Beach (CA), Portland (OR) and New York (NY). This new round of funding will accelerate the brand's retail expansion plans, with 20 stores set to open by 2020. The funding will also help to drive product innovation and category expansion - and allow for strategic investments in marketing, technology and supply chain.
"We are thrilled to partner with Ariel and the entire Parachute team. As we got to know Parachute, we developed strong confidence in the team and brand based on both H.I.G. Growth Partners' history and success with other digitally native brands, as well as Parachute's impressive accomplishments in branded luxury home essentials to date. We are excited to work together with the team to accelerate the company's already strong momentum, further grow and extend the brand, and continue improving on an already great customer experience to expand their customer base," said John Kim, Managing Director, H.I.G. Growth Partners.
d.Luxury Brands worked together with H.I.G. on this deal. "The Parachute team has done an incredible job of understanding their customer, curating and developing superior products, and building an impressive brand and business that we think will stand the test of time," said Ben Macpherson, Co-CEO. "Parachute is a perfect fit for our investment criteria and partnership with H.I.G., and we are delighted to support their vision. We're excited to assist their growth as they become a significant global brand in this space," added Co-CEO Daniel Gestetner.
As Parachute continues to provide a meaningful, consumer-first approach to its omni-channel sales strategy, the brand is focused on growing with customers at every major life stage.
We make modern bedding and bath essentials for a more comfortable home. Our premium quality home textiles are designed in Venice Beach and responsibly manufactured by expert craftsmen around the world. Established by Ariel Kaye in 2014, Parachute has pioneered a new casual aesthetic and distinguished itself as a category thought leader, inspiring and educating customers through compelling storytelling and experiences.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global private equity investment firm with more than $25 billion of equity capital under management. We seek to make both majority and minority investments in strong, growth oriented businesses located throughout North America, South America and Europe. We will invest $5 million to $30 million in equity in a given company and target investments in growth oriented businesses with between $10 million and $100 million in revenues. We consider investments across all industries, but focus on certain high-growth sectors where H.I.G. has extensive in-house expertise such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. Growth Partners strives to work closely with our management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a vast in-house team and a substantial network of third-party relationships.
d.Luxury Brands is bringing together a highly curated group of relevant digitally native, vertical 'new-luxury' lifestyle brands, which together can leverage the groups' best in class resources to accelerate growth and profitability. The d.Luxury Brands co-founders and team have significant experience building omni-channel premium consumer brands and are actively involved in supporting each of the groups' brands.
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