Acumen Brands raises $83 million in funding
by April 5, 2013 12:32 am 209 views
Acumen Brands has received an $83 million investment to support future growth of its portfolio of e-commerce companies.
Funding was provided by the New York firm General Atlantic, according to a filing with Securities and Exchange Commission on Thursday (April 4).
Acumen, parent of a collection of online retail boutiques, continues to expand at an amazing rate in its fourth year of operations.
The company operates branded online storefronts for businesses like CountryOutfitter, Tough Weld Workwear, and Scrub Shopper.
Founders John James and Terry Turpin have been successful in acquiring the funds necessary to fuel the firm’s rapid growth. Since 2009, the dynamic duo has garnered more than $10 million in funding from the likes of Dillard's, Noro-Moseley Partners, Arkansas Risk Capital Matching Fund and BLH Venture Partners.
This early funding allowed for a major expansion from four to 150 employee and more than 50,000 of warehouse space.
The company says the recent financing will support a move to a 200,000 square-foot facility and the addition of 25 or so robots for the firm’s automated warehouse. The total number of new jobs has not been announced, but management said they will increase the firm’s workforce by “dozens.”
Acumen says it will relocate from Gregg Avenue to the larger warehouse and office on Porter Road in Fayetteville within the next week.