Today, I’m very excited to announce that we have secured $25MM in debt financing from our partners at Encina. This comes with the news that our parent company, Trans World Entertainment, has sold off their brand, FYE, from their portfolio, making Kaspien the driving force behind the parent company.
With a strong leadership team in place with decades of industry experience, and new products and services on the horizon, 2020 will be a year of rapid growth for Kaspien. This funding will help enable us to focus on future growth initiatives like expanding our marketplace growth platform of proprietary technology, software applications, agency and managed services, and retail partnerships.
Specifically, here’s where we plan to invest this funding:
- Grow Our Retail Business: We will continue to serve our existing partners and onboard new partners in a mutually beneficial manner. We will continue to expand our portfolio of tailored solutions to serve each of our brands.
- Launch New Products and Services: We will launch new software applications, new services, and onboard more solution providers into our network to create an even more robust marketplace growth platform.
- Grow Our Subscription Business: We will continue to drive revenue for brands that wish to sell their products themselves through our software, agency, and managed services business.
- Marketplace Expansion: This funding will enable us to expand our offerings domestically and internationally, as well as onboard additional marketplaces onto our platform.
- Internal Capabilities: Finally, we will continue to invest in our employees, maximizing the potential of each one of them. We will continue to build out and optimize our value chain for us to serve our brands in a “partner obsessed” manner.
This is only the start of what the future holds for us. Guided by our vision and supported with this funding, we will expedite our mission to become a brand’s ultimate online growth partner, making Kaspien into a one–stop shop for brands to build their online marketplace business.
I’m humbled by the opportunity to serve you, and I hope we at Kaspien can continue to accelerate your success.
Kunal was interviewed by Cheddar on 2/25/2020 to discuss the funding announcement.
Watch the full interview.