Homeware venture Resident bags major Series B funding
Resident, a platform of direct-to-consumer brands in the home goods space, has announced a £97.5 million Series B funding round.
This was led by Ion Crossover Partners and Nexus Capital Management with participation from Baron Capital Group.
The funds will be used to expand its bricks and mortar retail footprint in the US and strengthen its supply chain and infrastructure.
As part of the deal, representatives of Ion Crossover Partners and Nexus Capital Management will join Resident’s board.
The US headquartered venture launched in 2016 and made its debut in the UK during 2018 with its D2C mattress Nectar, followed by its DreamCloud brand.
“We drove Resident to profitability through a combination of data-driven performance marketing coupled with product and operational excellence. Our key to success is our ability to find in-market customers and offer them exceptional products at great value,” says Eric Hutchinson, Resident Co-Founder.
“The quality and stature of our newest investors shows a true vote of confidence in our business model and continued success.”
He adds: “Covid-19 has generated tremendous momentum for e-commerce companies worldwide, and our focus on data driven performance marketing allowed us to react to UK market trends faster than others.”
“The increased demand also forced us to drive efficiencies across every area of the business, which will create benefits for years to come”
“We’ve been following Resident’s success for a while and are excited to join their journey” comments Jonathan Kolodny of ION Crossover Partners.
“We are confident that the exceptional team and the marketing platform they’ve built will allow the company to continue on its unprecedented growth trajectory.”
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