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Forum Brands has raised an equity funding of $27M from Norwest Venture Partners. These proceeds would be used to scale its e-commerce acquisition platform.
Forum Brands, a platform for growing and acquiring consumer brands, has announced its raise of $27 million equity funding in a round led by Norwest Venture Partners. Existing investors NFX and Concrete Rose participated in the financing round.
In a press release, Forum Brands enunciated that it would deploy capital funds over the next several years to acquire e-commerce businesses of innovative entrepreneurs within consumer products categories. Brenton Howland, founder and co-CEO of Forum Brands, opined that raising acquisition dedicated capital has become a vital stake in the growing Amazon ecosystem.
Stressing that Forum Brands has been actively deploying capital to acquire brands built by outstanding entrepreneurs and are investing behind technology and data science to scale the growth of our brands, Mr. Howland added,
“We’re building first-of-its-kind technology tools for M&A and e-commerce operations that solve for the current unmet needs within our industry.”
Forum Brands uses proprietary technology to provide third-party FBAs with customized acquisition opportunities and focuses on building a foundation for brands that meet consumers everywhere. It solves scaling and operational challenges for the founders of FBA companies using its proprietary tech- SEAL(Source, Evaluate, Accelerate, Lead) acquisition process.
The company stated that it is now uniquely positioned to address challenges that Fulfillment by Amazon (FBA) entrepreneurs face as e-commerce revenues are projected to skyrocket to 6.5 trillion dollars by 2022.
Commenting on the investment, Stew Campbell, partner at Norwest Venture Partners, expressed excitement in extending support to the Norwest team. They are building a unique tech stack to scale promising brands into omnichannel leaders in their respective domains, he opined.
“The Forum leadership team knows what it takes to build leading brands both on and beyond Amazon.com,” said Stew Campbell, Partner at Norwest Venture Partners,”Mr. Campbell added.