CoVenture and Crossbeam Venture Partners led the round with additional investment from ID8 Investments
NEW YORK, Aug. 19, 2021 /PRNewswire/ -- D1 Brands, an Amazon FBA (Fulfillment by Amazon) acquirer built by Amazon-native third-party sellers, today announced that it has secured $123 million in Series A financing. CoVenture, an asset management firm investing across the capital stack of tech-enabled companies, and Crossbeam Venture Partners (Crossbeam), a venture capital firm backing startups building the next generation economy, led the round, with additional investment from ID8 Investments, an investment firm focused on partnering with mission-driven consumer and technology companies. D1 Brands, composed of a team of over 85 Amazon-native team members, buys, builds, and grows Amazon FBA businesses.
The Series A financing will allow the company to accelerate its pace of growth through investments in new brand acquisitions, product development, technology, and talent. As part of this phase of growth, D1 Brands hired CJ Bilangino as Chief Financial Officer. Bilangino previously served as CFO for a number of high-growth consumer product companies, most recently at Rhone, a premium men's athletic apparel and gear company, where he led finance and operations.
D1's third-party Amazon origins, combined with its experienced M&A talent, enable the company to provide an efficient and fair exit experience for its selling partners. D1 Brands maintains an industry-leading 100% closing rate on LOIs (or letters of intent) issued to third-party sellers and has a closing period of 27 days on average. D1 knows the process of selling can be an intense, anxious and potentially emotional experience, and it's their mission to provide the most high-touch, professional experience to sellers by including senior leaders at every step of the process and offering 24/7 access to the C-Suite.
"The FBA space is an enormous, rapidly growing market of thousands of talented operators who, until now, have not had a quality option for realizing the brand value they have created," said Yaz Malas, Co-CEO and Co-Founder of D1 Brands. "With the support of CoVenture, Crossbeam and ID8, we are able to provide value to even more sellers and continue on the path to serving as the preferred partner for Amazon sellers, while also playing a major role in the overall growth and development of this space."
"We intimately understand the challenges these brands face operating a small business on Amazon because we've faced them ourselves," said Mohammad Usman, Co-CEO and Co-Founder of D1 Brands. "We've learned from experience in the space, both through successes and mistakes, and have taken these learnings to become better and more empathetic partners to sellers. We believe in fostering the entrepreneurship of the Amazon space and look forward to serving as a driving force of the overall growth to come."
"D1 Brands focuses on developing meaningful and long-term partnerships with sellers, a concept that we align with and practice in our own operations," said Sakib Jamal, Investor at Crossbeam. "We believe D1 Brands is setting a new standard within the FBA space and are proud to support them in this next phase of growth."
About D1 Brands
D1 Brands is an Amazon FBA (Fulfillment by Amazon) acquirer built by Amazon-native third-party sellers. The D1 Brands team, composed of experienced Amazon third-party sellers and experts in M&A, buys Amazon FBA brands in under 30 days and maintains an industry-leading 100% close rate. For more information, visit https://www.d1brands.io/.
CoVenture is an asset management firm investing across the capital stack of tech-enabled companies, often providing the first institutional equity and/or debt financing to business operations across financial services, new forms of media, platform economies or industries we are yet to imagine. For more information visit https://coventure.vc/.
About Crossbeam Venture Partners
Crossbeam Venture Partners (Crossbeam) is a venture capital firm that invests in Seed and Series A startups building tomorrow's economy. Focused on the themes of platform economies, fintech, and legaltech, Crossbeam is built to back companies of the next generation economy and the small businesses of tomorrow. For more information, visit https://crossbeam.vc/.
About ID8 Investments
ID8 Investments is an investment firm focused on partnering with mission-driven consumer and technology companies improving our world and the human condition. For more information, visit https://www.id8investments.com/.
View original content to download multimedia:https://www.prnewswire.com/news-releases/d1-brands-announces-123-million-in-series-a-financing-301358926.html
SOURCE D1 Brands