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Need Supply raises $2M in capital

Mike Platania February 7, 2017 0

Need Supply Co.'s retail store at 3100 W. Cary St. (Michael Schwartz)

Need Supply Co.’s retail store at 3100 W. Cary St. (Michael Schwartz)

A few months after giving its storefront a makeover, a Carytown retailer has added some lining to its own pockets.

Need Supply Co. recently completed a $2 million capital raise, according to an SEC filing on Jan. 30.

The debt raise was at least the retailer’s second round of fundraising in 18 months, filings show. In 2015, it raised $3.3 million in equity.

The company did not reply to a request for comment by press time.

Owned by Chris Bossola and Gabriel Ricioppo, Need first opened in the 1990s, and has been a mainstay of Richmond fashion since. The modern boutique recently renovated its showroom at 3100 W. Cary St.

The boom of online shopping has helped Need ride to new heights in recent years. It landed on Inc. Magazine’s list of the 5,000 fastest-growing companies in 2013, and Bossola recently expressed interest in opening other brick-and-mortar locations.

Last spring, Need Supply Co. dismissed a lawsuit it filed against another retailer.

Need isn’t the only e-commerce-driven boutique in Richmond to grow recently. Shockoe Atelier is expanding its store in Shockoe Bottom.

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