With An Additional $25 Million of Equity Raised, Society Brands Is In The Strongest Position Since Its Founding

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Oct 17, 2023, 08:02 ET

In all, the tech-enabled consumer products company has raised $230 Million since inception, the most recently closed $11 million equity raise led by Memphis, Tennessee-based Gullane Capital

CANTON, Ohio, Oct. 17, 2023 /PRNewswire/ -- Society Brands, a tech-enabled consumer products company built for and by founders, today announced it has raised an additional $25 million of equity, most recently having secured $11 million in a funding round led by Gullane Capital, LLC, an investment firm focused on managing and advising pooled investment vehicles consisting of qualified individuals.

Since its initial raise of $205 million, Society Brands has raised an additional $25 million in equity funding bringing the total capital commitment since inception to $230 million. Additional lead investors include Callais Capital, an institutional VC firm in Louisiana, and North Coast Ventures, a Cleveland-based capital partner who invests primarily in early and growth stage companies. The recent equity fundraise will allow Society Brands to continue acquiring e-commerce native brands in a targeted and strategic manner, further the build out of their operating team and infrastructure and provide even more financial strength to the company's balance sheet.

"Despite recent headwinds in the e-commerce space, Society Brands is stronger than ever. We've had strong execution from both an organic and inorganic growth perspective and this equity raise is a testament to that," said Michael Sirpilla, Co-founder and Chief Executive Officer, Society Brands. "This recent $11 million raise, which now totals $25 million since our last capital raise announcement, demonstrates the confidence that our investors have in our business plan and our future success. Moving forward, Society Brands is positioned to become a premier tech-enabled consumer products company as we continue to acquire great brands and partner with incredible founders."

Society Brands has a differentiated business model and deal structure that creates alignment with founders while truly enabling them to take their brand to new heights by sharing best practices and resources.

"We believe Society Brands' business model to develop lasting and meaningful relationships with the sellers to grow their business and, as a result Society Brands' overall portfolio, is a formula for success," said Trip Miller, founder of Gullane Capital. "We are equally impressed with the high integrity founder-run culture amongst Society's leadership that aligns with our investment partner's values. Given that, we are optimistic that Society will be among the strongest players in the marketplace."

Society Brands not only acquires brands that sell on Amazon, but also companies with a strong and loyal direct-to-consumer audience on platforms like Shopify. They encourage founders to stay on board to be part of the team and offer rolled equity as part of the deal consideration to create alignment. It's their desire to build a community and ecosystem of like-minded entrepreneurs that have the skill and energy to grow with their brand. Not only will founders elevate to the next level professionally, but they will also develop relationships that will last a lifetime.

"Society Brands' strong financial position will allow it to further capitalize on additional acquisitions that can be integrated with the company's exceptional management team and proven processes for growing businesses that we believe will yield solid results for all stakeholders," said Court Coursey, Managing Partner of TomorrowVentures, and Society Brands advisor and early-stage investor.

In recent months, Society Brands has fostered genuine organic growth by cultivating powerful relationships between brands. This not only strengthens the shared mission but also enhances the combined value, saving millions annually. Society Brands' commitment isn't just about efficient operations; it's about nurturing each brand under one umbrella, allowing them to thrive and flourish. Society Brands successfully owns and operates seven distinct brands including Capsule Supplies, Barnesmith, Power Theory, and Wolf Tactical, to name a few. Additional brands are currently in the acquisition pipeline and will be announced soon.

About Society Brands
Society Brands is a tech-enabled consumer products company that acquires e-commerce native brands that primarily sell on their own DTC sites and platforms like Amazon, Walmart, and others. Society Brands was built by founders, for founders™, providing entrepreneurs meaningful liquidity while at the same time affording them an opportunity to stay on board, build their brand and roll equity into Society Brands' platform. For more information, please visit www.societybrands.com.

SOURCE Society Brands