Sugarfina, a luxury confections brand, has closed $35 million in growth equity financing from private equity firm Great Hill Partners. The recent round brings the company’s total funding to more than $50 million.
The funds will be used to continue scaling the omnichannel brand across online, mobile, brick-and-mortar, wholesale and corporate gifting channels as well as to expand internationally to the Middle East, Europe and Asia. Sugarfina currently operates in the U.S. and Canada and will begin its overseas expansion in early 2018.
Sugarfina launched online in the summer of 2012, opened its first boutique in November 2013 in Beverly Hills and has since grown to 24 boutiques and 14 shop-in-shops in North America. Sugarfina shops can be found in retailers such as Nordstrom, Neiman Marcus, Bloomingdales and Bergdorf Goodman. The brand is known for its confectionary creations including recent collaborations with Casamigos Tequila and Pressed Juicery.
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Sugarfina reported nearly $25 million in revenue in 2016 and is on track to double its revenue in 2017, according to company statements.
Great Hill Partners’ Managing Partner Michael Kumin and Partner Peter Garran will join the Sugarfina Board of Directors.
