D.C.-based UrbanStems announced that it has raised a $12 million Series B funding round.
The round was led by SWaN & Legend Venture Partners and Motley Fool Ventures with additional investments from Middleland Capital, NextGen Venture Partners, Sagamore Ventures and others. The online flower deliver startup said in a press release that it will use the funding to expand its next-day deliver service to nationwide customers and invest in their operations and brand tech to make a greater gifting experience.
“We are excited to continue to invest in the growth of UrbanStems. We continue to be impressed with the team led by Seth Goldman, as he builds on the strong foundation the cofounders laid out in building the preeminent gifting platform of the future,” David Strasser, managing director of SWAN & Legend Venture Partners, said in a statement.
With this funding round, Goldman was promoted to CEO of the company, after serving as COO, the press release states. This is not his first time working as a CEO, as he also previously led HelloFresh USA in its early growth stage days.
UrbanStems launched in 2014 and has a mission to make gift-giving feel easy through thoughtful flowers. The startup often engages the community with special promotions and partnerships. This is how the company stays ahead of traditional floral shops. UrbanStems reports raising over $27 million in funding from rounds led by SWaN & Legend, Grotech Ventures and NextGen Ventures since its inception.
Motley Fool Ventures was the newest lead on this Series B round, and said it will offer UrbanStems a connection with its network of members.
“UrbanStems has many of the characteristics we love to see in our portfolio companies — a tireless commitment to delighting customers, a focus on operational excellence, and the desire to disrupt incumbents in a market that’s ripe for change,” Ollen Douglass, managing director of Motley Fool Ventures, said in a statement.
This funding announcement comes the same week as UrbanStems was recognized on the 2019 Inc. 5000 list, a directory of the country’s fastest-growing private companies. The startup came in at #385.
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