Bespoke Post Raises $40 Million in Series B Funding
Bespoke Post has raised $40 million in Series B funding led by new investor NewSpring, Second Alpha, and Savano Capital Partners. Walden, which led the company’s previous series A round; 500 Global, which is one of the company’s seed investors, and Great Oaks also participated in this round.
The New York-based multicategory e-commerce retailer aims to further establish itself as a destination to discover products and brands. Co-chief executive officers Rishi Prabhu and Steve Szaronos said the funding will be used bring more brands on to Bespoke Post and hire more talent for their growing company. The duo said Bespoke Post grew 85 percent in 2020 and has grown 55 percent year-over-year in 2021.
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“We’ve been a very scrappy team,” Prabhu said. “It has its limits and we’re happy to size up from buyers to marketing, developers, logistics, creative and within each of those hiring across different verticals as well. The next person who joins will mean that the company will be comprised of more people hired during the pandemic than pre-pandemic.”
Since the brand launched, Bespoke Post has increased the number of products it offers monthly as well as different categories, including clothing and accessories, kitchen, bar, outdoor and loungewear, the latter two of which have been especially popular. “We’ve seen a lot of growth in outdoor and in apparel and saw a shift in the types of products people were buying,” Szaronos said.
“We have a lot of data on our customers,” said Szaronos. “They fill out profile quizzes and share what products they’re invested in. It’s a great feedback loop. And with more customers and more products, [allows us to] take more risks on products.”
He mentioned golf as a category the company is exploring. “With our model, we can identify who is into golf, approach a brand that sells great products as it relates to golf and what they’re interested in.”
Bespoke Post is also focused on its partnerships, including one with Esquire on curated product offerings, their influencers they call “muses,” and smaller brands that they have been devoted to since the start of the pandemic. The company allocated funds to buying product from smaller brands to help them as business slowed down.
“We’ve kept the initiative going strong and set up a portal for small brands to speak directly to us,” Prabhu said. “We integrated it with our ‘Giving Tuesday’ campaign. It’s nice for the team to see the impact they have on other people’s businesses.”
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