Georgetown-based custom framing company Framebridge has been acquired by Graham Holdings Company, the Arlington, Virginia-based owner of a conglomerate of education and media businesses.
Founded in 2014 by CEO Susan Tynan, Framebridge offers an online service that allows customers to upload or mail in a photo (including through Instagram), pick a frame design with the appropriate dimensions, and get the frame and photo delivered. Framebridge also opened two storefronts last year, one on 14th Street NW in D.C. and another in Bethesda, Maryland, though they are both temporarily closed due to the COVID-19 pandemic.
The financial terms of the deal were not disclosed and Graham Holdings Company declined to comment further on the acquisition. Technical.ly has reached out to Tynan for further details on how this acquisition affects the company’s operations, but hasn’t heard back yet.
Graham Holdings Company CEO Timothy O’Shaughnessy participated in Framebridge’s $7.7 million Series A funding round back in 2015 and he also serves on Framebridge’s board of directors.
“We believe Framebridge can become the industry leader in custom framing, as its model of lower prices, faster service and great quality is a trifecta that is hard to beat,” O’Shaughnessy said in a statement. “Susan (Tynan) and the team have re-invented the category and we’re excited to provide a home for Framebridge to grow.”
Outside of O’Shaughnessy’s founding investment in Framebridge, he and Tynan were already acquainted since they previously worked together at LivingSocial, a marketplace for coupons and rebates that was acquired in 2016 by Groupon. O’Shaughnessy cofounded LivingSocial and served as CEO while Tynan was the company’s general manager.
Beyond this acquisition, Framebridge will continue to operate as its own entity with Tynan at the helm.
“We are thrilled to have the confidence of Graham Holdings Company to take our business to the next level,” said Tynan in a press release. “Their long-term orientation aligns with our vision and affords us strategic clarity in shaping the future of Framebridge.”
This acquisition also comes after Framebridge raised a $30 million Series C led by T. Rowe Price in 2018, which was boosted with a $15 million investment from Graham Holdings Company last spring. The company has raised $82.1 million in venture capital to date, according to Crunchbase.
During this time where companies are pivoting some resources to fight COVID-19, Framebridge turned its manufacturing facility in Richmond, Kentucky, into a hub that’s creating personal protective equipment (PPE) for healthcare workers in the U.S. The company is building face shields out of materials it normally uses for its custom frames. Framebridge’s face shields come in two models, a foam and elastic face shield and a halo face shield.
The company said it is still accepting framing orders at this time, though it may be delayed up to eight weeks while it works to manufacture PPE.
This is the Halo Face Shield we are manufacturing at our KY factory. It’s comfortable over glasses, masks, and other PPE. The shield is quickly replaceable. If you know of any front-line workers or organizations looking to purchase, please shoot us an email at email@example.com pic.twitter.com/ioccWVPkU0
— Framebridge (@framebridge) April 8, 2020