Online flower shop Bouqs Co. has raised a $24 million Series C round of capital led by Partech Ventures.
The farm-direct online retailer said it had reached an average annual growth rate of 200 percent, though it did not disclose how much revenue it had generated last year. Its latest financing will be spent on marketing, technology for the company’s supply chain, a new headquarters in Venice, and additional hires.
Bouqs Co. sources flowers from farms in the United States, Ecuador, Colombia, and Costa Rica. It also sells same-day flower delivery sourced from local florists.
The company rose to prominence after its founder and chief executive, John Tabis, walked away empty handed from an investor pitch on reality contest “Shark Tank” in 2014. Bouqs Co. has raised $43 million since its founding in 2012.
As part of the Series C investment, Mark Menell, general partner at Partech Ventures, will join the board of directors. Other new investors include NextEquity Partners and Reimagined Ventures. Prior investors furthering their stake in the company, include Azure Capital Partners, KEC Ventures, Quest Venture Partners, and “Shark Tank” investor Robert Herjavec, who made an investment in the company after its appearance on the show.
Technology reporter Garrett Reim can be reached at email@example.com. Follow him on Twitter @garrettreim for the latest in L.A. tech news.
For reprint and licensing requests for this article, CLICK HERE.