Sugarfina gets backing to expand
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Sugarfina is looking to expand its luxury candy offerings, online and in stores.
The company announced it has closed a $35 million growth equity financing from Great Hill Partners, bringing Sugarfina's total funding to over $50 million. The new funding will be used to continue scaling the brand across retail, digital, wholesale, and corporate gifting, and to expand internationally to the Middle East, Europe, and Asia. Sugarfina will begin its overseas expansion in early 2018.
A recipient of Chain Store Age's 2016 Breakout Retailers Awards, Sugarfina launched online in the summer of 2012 and has since grown to 24 stores and 14 shop-in-shops in North America. The brand focuses on partnership with artisan candy makers around the globe. More than three quarters of Sugarfina candies are exclusive and can't be found at any other candy store. After posting nearly $25 million in revenue in 2016, Sugarfina is on track to double its revenue in 2017.
"Great Hill is a fantastic partner that deeply understands our customer and how she shops," said Sugarfina co-founders Rosie O'Neill and Josh Resnick. "We are confident that together we will continue to grow the brand and connect with our customers across the globe."
Great Hill Partners' managing partner Michael Kumin and partner Peter Garran will join the Sugarfina board of directors.
"Sugarfina is a proven disruptor in a huge industry that hasn't seen a lot of innovation," said Garran. "While many established brands are struggling in today's retail environment, Sugarfina is thriving due to their innovative products, distinctive branding, and unique, experiential approach to luxury confections."