The two firms will become independent publicly traded companies in 2015. The move follows pressure from investor Carl Icahn to spin off the payments ...
The funding will go toward adding product categories.
Poppin Inc., an e-retailer of colorful, minimalist-style office supplies, has raised $11.1 million in a new funding round. The e-retailer says it will use the funds to expand selection and find new customers.
The e-retailer raised $6 million in funding last year. TrilogyGrowth, a Canada-based investment fund, led the new funding round, and previous investors also participated.
TrilogyGrowth is led by Joel Silver, who was president of Indigo Books & Music, No. 218 in the 2013 edition of the Internet Retailer Top 500 Guide, from 2009 to 2011 and currently sits on Indigo’s board. With the investment, Silver joins Poppin’s board as well. “We seek investments in opportunistic companies building brands,” Silver says. “Poppin is doing just that.”
Poppin, which appeared in Internet Retailer’s Hot 100 list of notable e-commerce sites, launched in September 2012 selling products like staplers, notepads and pens to consumers. In recent months it has expanded into lamps, artwork and office furniture. The e-retailer says it’s also made inroads selling to businesses. It cites e-retailers and brands Fab.com (No. 150), Warby Parker and Kate Spade as business customers.
“With this investment, we aim to roll out new products that define the work style space and help people to work happy,” says Randy Nicolau, Poppin’s CEO.