Venice-based Parachute Home Inc., designers and manufacturers of bedding products, raised a $30 million Series C round the company announced June 27.
The recent investment was led by Miami, Fla.-based H.I.G. Growth Partners, an affiliate of H.I.G. Capital, a private equity firm. Funding participation also came from Santa Monica-based Upfront Ventures, Beverly Grove-based Susa Ventures and out-of-town venture capital firms -- Suffolk Equity, JAWS Ventures, Grace Beauty Capital and Daher Capital.
“H.I.G. Growth Partners has had remarkable success in the consumer sector… with their support, we have the opportunity to leverage our learnings, spur growth and provide consumers a truly world class shopping experience,” Ariel Kaye, founder and chief executive said in a statement.
Parachute was founded by Kaye in 2014 and has raised a total of $47 million in funding. The company counts 55 employees on its payroll. With the new capital, Parachute plans to accelerate the brand’s retail footprint by opening 20 stores by 2020, the company said.
Manufacturing, retail and trade reporter Shwanika Narayan can be reached at firstname.lastname@example.org or 323-556-8351. Follow her on Twitter @shwanika.
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