AAA Parachute sets down with $30m

Parachute sets down with $30m

US-based bedding and bath products retailer Parachute Home has secured $30m in a series C round featuring Grace Beauty Capital, the strategic investment arm of beauty product distributor Grace Beauty.

The round was led by HIG Growth Partners, the growth equity affilate of private equity firm HIG Capital, and included Upfront Ventures, Susa Ventures, Suffolk Equity, Jaws Ventures and Daher Capital.

Founded in 2014, Parachute sells a range of home, bed and bath products it designs itself, and which are assembled by craftspeople in factories in the US, Portugal, Turkey and Italy.

The funding will be used to expand Parachute’s brick-and-mortar retail presence, which currently stretches to three stores but which the company plans to expand by another 20 by 2020. It also intends to invest in product development and the expansion of its product range.

Ariel Kaye, founder and chief executive of Parachute, said: “HIG Growth Partners has had remarkable success in the consumer sector – optimising 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.”

The round came after Parachute raised $3.8m in a 2015 round led by Upfront Ventures that also featured Daher Capital, Queensbridge Venture Partners, Mesa Ventures and angel investor Joanne Wilson.

– Photo courtesy of Parachute Home.

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