Bambeco, which makes and sells eco-friendly home furnishings, closed on $20.5 million in investment, the company announced last week.
The Brooklyn, Md.-based company’s latest funding round was led by ABS Capital Partners, which is headquartered in downtown Baltimore. The investment round was the second-largest in Maryland for the third quarter of 2015, according to the just-released MoneyTree Report from PricewaterhouseCoopers that uses data from Thomson Reuters.
The company plans to use the money to expand product offerings and distribution channels. Currently, products are available on the company’s website, as well as MyHabit and One Kings Lane. Retail stores like Whole Foods and J. Crew also carry Bambeco wares.
The company says all of its products are sustainable, meaning they are recycled, reneweable or organic. For instance, Bambeco last month rolled out its own line of bath and bed linens, both made from 100 percent organic cotton. The company also looks to reduce its carbon footprint with its own operations, and address broader environmental issues with its products. Over the summer, they unveiled a line of bee houses in an effort to provide homes for the country’s rapidly declining bee population.
With the new funding, former Coach President Laurence Franklin and ABS General Partner Cal Wheaton are joining Bambeco’s board.
“Bambeco has the all the makings of a solid global brand — beginning with its core values, authenticity, great design, and a genuine commitment to service,” Franklin said in a statement. “I believe the U.S. consumer is just beginning to realize the pleasure that goods that reflect strong social values and have a positive impact on the environment can bring — especially when you have great design aesthetic.
Bambeco, which was founded in 2009, last posted a $4.5 million round in 2013.