Need Supply welcomes its third round of 2017 fundraising

need supply storefront

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

One of Richmond’s fastest-growing retailers is wrapping up a busy 2017 with a fresh round of funding.

Need Supply Co. closed on a $1 million capital raise on Nov. 13, according to SEC filings, its third batch of fundraising this year.

The equity brings Need’s total capital raised in 2017 to $3.8 million. The fashion retailer raised $2 million and $800,000 in January and May, respectively.

The new investment comes from Cormack Capital, a group that owns popular backpack and accessory retailer Herschel Supply Co.

Need co-founder and CEO Chris Bossola said the company previously has received funding from Cormack and in 2016 the two together purchased Totokaelo, a Seattle- and New York City-based retailer.

Bossola said the latest round of $1 million will be used for several costs, including upgrading its new 60,000-square-foot fulfillment center in Sandston.

“We’re looking to build out a super-studio that’s capable of producing thousands of photos for (Need and Totokaelo),” Bossola said.

Need likely will need new and bigger office space in Richmond as well, Bossola said. It will double its employee headcount in Richmond next year from 75 to 150. Its offices are spread across its Carytown store, in Scott’s Addition and at the Sandston facility.

This year it landed on BizSense’s RVA 25 list of the region’s fastest-growing companies, boasting a 63 percent growth rate over three years.

While Need’s recently renovated brick-and-mortar location remains a staple of Carytown retail, Bossola attributed the recent growth to the company’s strong e-commerce operation.

Leave a Reply

Be the First to Comment!

Notify of
avatar
wpDiscuz