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.

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.

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

POSTED IN Retail

Editor's Picks

Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments