What is Parachute?
Founded in 2014, Parachute has evolved from a curated bedding assortment to a multi-category home company. Headquartered in Los Angeles, the brand is recognized for its thoughtfully designed products, responsibly manufactured by expert craftspeople globally, utilizing premium materials. Inspired by comfort and relaxation, Parachute's offerings now span across bedding, mattresses, bath, apparel, décor, and furniture. The company operates fifteen retail storefronts across the U.S. and has recently expanded its reach to Canada, with all products available online at www.parachutehome.com. This expansion signifies a strategic move to enhance customer accessibility and brand presence.
How much funding has Parachute raised?
Parachute has raised a total of $45.5M across 3 funding rounds:
Private Equity
$5.5M
Series A
$10M
Series C
$30M
Private Equity (2015): $5.5M with participation from Upfront Ventures and Raymond James
Series A (2016): $10M led by Upfront Ventures and Flybridge Capital Partners
Series C (2018): $30M supported by Upfront Ventures, HIG Capital, Susa Ventures, Raymond James, Grace Beauty Capital, Suffolk Equity Partners, and JAWS Ventures
Key Investors in Parachute
Upfront Ventures
Upfront Ventures is a venture capital firm located in Los Angeles that focuses on investing in technology businesses. Their investment areas include digital media, SaaS, consumer internet, and retail innovation. The firm aims to support startups and emerging companies within these sectors.
HIG Capital
H.I.G. Capital is a leading global alternative investment firm with billions of capital under management, focusing on the mid-cap segment. They create long-term value across various strategies including private equity, growth equity, and direct lending.
Grace Beauty Capital
Grace Beauty Capital, the venture arm of Grace Beauty, specializes in investing in early-stage and established beauty and consumer companies. They offer brand distribution, market assessment, and retail sales execution services.
What's next for Parachute?
The substantial enterprise-level funding and recent strategic investment indicate Parachute is poised for accelerated growth and market penetration. This capital infusion is likely to fuel further product innovation, expansion of its retail footprint, and enhancement of its direct-to-consumer channels. The company's focus on premium quality and thoughtful design, coupled with its expanding physical and digital presence, positions it to capture a larger share of the home goods market. Future strategies may involve exploring new product categories, international market expansion beyond Canada, and leveraging data analytics to personalize customer experiences.
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