At the beginning of this month Sugarfina closed $35 million growth equity financing from private equity firm Great Hill Partners.
Total funding for Sugarfina is now over $50 million with Michael Kumin and Peter Garran from Great Hill Partners joining the Sugarfina Board of Directors.
This infusion of funds will be used to continue scaling the business and the Sugarfina brand in the following areas:
- Web and web apps
- Wholesale and retail
- Strategic international expansion
Sugarfina launched in 2012 and has expanded to 24 boutiques and 14 shops in North America. In early 2018 Sugarfina will begin their international expansion to the Middle East, Europe and Asia.
Known for being confectionery innovators, owners Rosie and Josh travel the world finding, partnering and creating the highest quality confections. Exclusively partnering with worldwide artisan candy makers boasting more than three quarters of their candy’s can’t be found in other candy stores.
In 2016 Sugarfina launched Whispering Angel Rose gummy bears and sold out in two hours and created an 18,000 person wait list.
Retail may be dying but the model Sugarfina is following is driving results while other retail brands suffer.
Sugarfina bases their success on being a disruptor in a big industry with established brands that have shied away from innovation and technological change.
The luxury market is difficult for retailers although prosperous for Sugarfina because of their focus on product innovation and experimentation blended with a strong distinctive luxury branding.
If you’re in the Beverly Hills area stop in for a Willy Wonka confection type of experience you will not forget.