- E-commerce startup Enjoy announced it raised a significant amount of funding (rumored at $150 million) from LCH Partners
Enjoy announced it raised a significant amount of funding from LCH Partners — which is L Catterton’s new consumer technology platform. While the amount is undisclosed, Crunchbase’s sources reported that it was $150 million.
LCH is L Catterton’s seventh fund strategy and it invests in fast-growing companies at the intersection of consumer and technology. Including this funding round, Enjoy brings the company’s total investment to more than $350 million since launching in May 2015.
Some of Enjoy’s other previous investors include Riverwood Capital, Stamos Capital, Kleiner Perkins, Highland Capital, and Oak Capital Management. With this funding round, Enjoy is going to accelerate innovation and international growth. And Enjoy is also announced that it is going to serve more than 80% of UK households in 2020 with its partner EE (a British mobile network operator and part of British Telecom Group).
Known for pioneering a new channel for premiere companies, Enjoy pairs the convenience of online commerce with the confidence of a physical store by delivering the on-demand store to the customer’s home with a trained expert.
Along with EE, Enjoy also has strategic partnerships with leading providers like AT&T, Google, and Sonos. With each of these partners, Enjoy is a feature that customers can use at the checkout and it fully integrates with retail locations and call centers. And customers who purchase products with an Enjoy Partner can elect to have expert delivery and setup (often the same day) free of charge with the ability to purchase additional product solutions just as they would in a physical store.
“One of the highlights of my retail career was creating a new channel for Apple customers, which was the Apple Retail Store,” said Enjoy CEO and co-founder Ron Johnson. “Now I get to do it again by creating the mobile retail store for not just one company, but for many great companies around the world. As we look to drive the next phase of our growth, L Catterton was a natural choice as our partner, given their expertise in building consumer and technology brands on a global scale.”
Prior to launching Enjoy, Johnson was the CEO of JCPenney. And before that, Johnson was the SVP of Retail at Apple and oversaw the experience presented at the consumer electronics giant’s retail presence globally. Plus he also worked at Target for 15 years as the VP of Merchandising.
“By extending the retail experience to the customer’s home with a team of on-the-go, full-time employee experts, Enjoy has a tremendous opportunity within the evolving, connected, and increasingly personalized retail landscape,” added Michael Chu, Global Co-CEO of L Catterton. “Ron and the Enjoy team have built an incredible next-generation retail format, positioned to capture the generational shift in purchases toward digital orders and home delivery. We look forward to supporting Enjoy as they build on their vision to bring more products to life on-demand for more consumers around the world.”
Enjoy currently operates in more than 54 US markets and covers more than 50% of the US population and will be available in 11 markets in the UK covering more than 60% of the UK population by the end of 2019.
Next year, Enjoy will be available to 80% of the UK population. And the company is planning to expand to one more country this year along with additional countries in 2020.
Goldman Sachs & Co. LLC had acted as financial advisor to Enjoy.
