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Sugarfina gets $35m private equity boost for e-commerce and international expansion

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By Oliver Nieburg+

07-Aug-2017
Last updated on 07-Aug-2017 at 15:32 GMT2017-08-07T15:32:49Z

Sugarfina generated $25m in revenues last year through its 24-store network and wholesale arm. Photo: Sugarfina
Sugarfina generated $25m in revenues last year through its 24-store network and wholesale arm. Photo: Sugarfina

US luxury candy retailer Sugarfina has secured a $35m investment from private equity firm Great Hill Partners.

It takes its total funding in the thriving startup to $50m.

The boutique retailer currently operates only in the US and Canada, but will look to expand to Middle East, Europe, and Asia in early 2018.

It will also use the funding to scale up online, web, mobile, retail, wholesale and corporate gifting sales.

Sugarfina expects to double revenues in 2017

Sugarfina launched in 2012 and today has 24 boutiques and 14 shop-in-shops in North America.

It focuses on stocking artisan confections from across the world. Around three quarters of products are exclusive to its stores.

Sugarfina’s boutique stores are in major cities such as New York, San Francisco, Boston, Chicago and Vancouver. Photo: Sugarfina

The company also has a wholesale presence at high-end retailers such as Bergdorf Goodman, Neiman Marcus, Nordstrom and Bloomingdales.

Sugarfina was founded by Rosie O Neil, former director of Marketing for Barbie, and Josh Resnick, the cofounder and president of video games firm Pandemic Studios.

The company posted $25m in 2016 revenue and expects sales to double this year.

‘Sugarfina is a proven disruptor’

Great Hill Partners' managing partner Michael Kumin and partner Peter Garran will join the Sugarfina Board of Directors.

Garran said: "Sugarfina is a proven disruptor in a huge industry that hasn't seen a lot of innovation.

"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.”

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