Brooklinen may be able to sleep soundly now that it’s pulled in a $50 million investment from growth equity investor Summit Partners. The company announced the investment on Tuesday.
Husband and wife Rich and Vicki Fulop founded Brooklinen in Brooklyn in 2014. Their goal was to provide customers with luxurious yet accessible bedding and linens. They were able to do this by cutting out the middle man and taking a direct-to-consumer e-commerce route.
Years later, the company has expanded into new verticals, selling things like bath products, home goods, loungewear and more. The company even opened up its first permanent brick-and-mortar retail store in Brooklyn in January.
Despite all this growth, the company has maintained its profitability, which can be rare for rapidly growing startups.
“Brooklinen’s profitability, customer repeat rate and consistently smart and deliberate growth decisions make them a rare brand to partner with,” Chris Dean, managing director at Summit Partners, said in a statement. “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.”
The company plans to use this new investment to fund its continued growth as it expands into new domestic and international markets. The company is also planning to extend its physical retail footprint.
“Our customers are at the helm of every decision we make as a brand,” Brooklinen CEO and co-founder Rich Fulop said in a statement. “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.”
