Pop a few champagne gummy bears — Sugarfina has a reason to celebrate.
Private equity firm Great Hill Partners has invested $35 million in the Los Angeles-based confectionery brand, bringing Sugarfina’s total funding to more than $50 million. The new funds will allow Sugarfina to scale the brand across web, mobile, retail, wholesale and corporate gifting platforms, as well as expand to the Middle East, Europe and Asia next year.
Launched online in 2012, Sugarfina has grown to offer their beautifully packaged, cocktail-inspired sweets at 24 boutiques and 14 shop-in-shops in North America. Last year, the brand posted nearly $25 million in revenue and is on track to double its revenue in 2017.
Also in 2016, Sugarfina launched Whispering Angel Rosé gummy bears, which sold-out in two hours and generated an 18,000-person waitlist.
Co-founders and husband-and-wife team Rosie O’Neill and Josh Resnick said Boston-based Great Hill Partners is a “fantastic partner” that understands Sugarfina’s consumers, the majority of whom are young females.
"We are confident that together we will continue to grow the brand and connect with our customers across the globe,” they said.
Great Hill Partners' Managing Partner Michael Kumin and Partner Peter Garran will join Sugarfina’s board of directors. Imperial Capital led the process.
"Sugarfina is a proven disruptor in a huge industry that hasn't seen a lot of innovation," said Garran said. "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. We are excited to partner with Rosie, Josh, and the entire Sugarfina team."
