- Summit Partners announced it invested $50 million in direct-to-consumer (DTC) accessible-luxury home essentials retailer brand Brooklinen
Summit Partners announced it invested $50 million in direct-to-consumer (DTC) accessible-luxury home essentials retailer brand Brooklinen. This round of funding will be used to grow the brand’s disciplined global market growth and omni-channel strategy.
Founded by husband and wife team Rich Fulop and Vicki Fulop, Brooklinen launched in 2014 and is profitable. Over the past year, the company began expanding its offerings and added new categories such as loungewear to its product lineup. The company also launched a curated “Spaces by Brooklinen” home goods marketplace. And Brooklinen is also opening its first permanent brick-and-mortar store in Williamsburg, Brooklyn.
This round of funding will be used for deepening customer touchpoints and extending Brooklinen’s physical retail footprint along with expanding Brooklinen’s growth across new domestic and international markets.
Going forward, Brooklinen is going to carry on with its mission of providing accessible luxury from its Brooklyn headquarters. And under the leadership of the Fulops, the team will continue to deliver high-quality goods to customers at highly accessible prices along with exceptional customer service.
“Our customers are at the helm of every decision we make as a brand,” says Rich Fulop, CEO and co-founder of Brooklinen. “This partnership with Summit will provide significant resources and perspective that will help us to further extend our omni-channel strategy, giving us the ability to be where our customers are whether that is online, offline, or in new markets.”
-Rich Fulop, CEO and co-founder of Brooklinen
“Brooklinen’s profitability, customer repeat rate, and consistently smart and deliberate growth decisions make them a rare brand to partner with. Many brands focus on a growth-at-all-costs model that we believe isn’t sustainable for longevity; we are thrilled to find a like-minded partner and to work together on the next stage of growth for Brooklinen.”
-Chris Dean, a Managing Director with Summit Partners