Confectionery brand secures $35m expansion investment
US confectionery brand Sugarfina has secured a $35 million investment from private equity firm Great Hill Partners to further develop its international expansion and e-commerce and mobile platforms.
Sugarfina launched online in 2012 and has since grown to have 24 boutiques and 14 shop in shops across North America. The brand focuses on creating confections in partnership with global artisan candy makers such as Casamigos Tequila and Pressed Juicery.
The new funding, which brings the company’s total to over $50m, will be used to expand the brand internationally in the Middle East, Europe, and Asia, as wel as to continue scaling the brand across web, mobile, retail, wholesale, and corporate gifting. Sugarfina currently operates in the US and Canada and will begin its overseas expansion in early 2018.
Great Hill Partners’ managing partner Michael Kumin and partner Peter Garran will join the Sugarfina board of directors.
Rosie O’Neill and Josh Resnick, co-founders of Sugarfina, say, “We are confident that together we will continue to grow the brand and connect with our customers across the globe.”
While Peter Garran, partner of Great Hill Partners, adds, “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.”