Suma Brands, a platform for acquiring and scaling Amazon FBA businesses, has announced the close of a Series A investment led by Pace Capital and Material alongside a credit facility led by i80 Group. These financings bring the total amount raised by the company, which launched last year and has been operating in stealth mode, to over $150M.
Suma Brands will use the newly raised capital to continue accelerating their pace of acquisitions of Amazon FBA businesses and expand their diverse portfolio of e-commerce brands. The company will also continue investing aggressively in their operating platform for growing acquired marketplace brands into household names.
“We’re seeing founders of Amazon FBA businesses lay the groundwork for some amazing consumer brands and we’ve been really impressed with what they’ve accomplished,” said Co-founder and CEO Andrew Savage. “We’re thrilled to reward founders for what they’ve built and leverage our enterprise-level e-commerce platform to scale their brands to the next level.”
Annalisa DeMarta, Founder of Lone Cone said, “Working with Suma has been a completely different experience than what I imagined selling a business would be like. Prior to meeting Suma, I spoke with a few acquisition groups to hear what was out there and none of them acknowledged the potential of what I had built, which made the relationship highly transactional. Suma understood the brand’s goals and potential and had a strong desire to achieve mutually beneficial outcomes. I’ve always had big dreams for Lone Cone and I’m fortunate I found a partner who has the vision and resources to achieve those dreams”.
Navin Gupta, Co-founder of Turmaquik (a Golden Milk brand on Amazon and another Suma portfolio brand) added, “I love our brand and our customers. I want to know that the people sitting across the table from me share that dedication. Suma’s plans to grow Turmaquik are fantastic, but most importantly, I know they will scale the brand while keeping what made it special in the first place.”
“We vetted a number of potential investments in the space, but hadn’t found the right team until we talked to Suma,” said Jordan Cooper, General Partner at Pace Capital. Asher Hochberg, Managing Director at i80 Group, agreed, “Winners are going to be exceptional operators, and the Suma team from the co-founders on down have e-commerce operations in their DNA. They’re a tested team who have proven their ability to rapidly scale e-commerce businesses.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.