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The online retailer will use the money to expand overseas and add more distribution infrastructure on the West Coast.
After a decade of sustaining growth with in-house resources, BabyAge.com Inc. will now use outside capital to complete its next round of expansion and business development.
BabyAge.com, No. 280 in the Internet Retailer Top 500 Guide, has raised about $15 million in new working capital from a group led by investment banking firms Alumni Capital Network and Brook Venture Partners.
BabyAge.com will use the new funding to expand overseas, add distribution infrastructure on the West Coast and enhance web site features and functions, the company says. “The ACN investment provides us the financial latitude to go out and execute on growth plans," says Jack Kiefer, BabyAge.com CEO.
As part of the transaction, the new BabyAge.com board of directors now includes Alumni Capital Network partner Walter G. Nollman as chairman. Other new board members include Kiefer, Alumni Capital Network partners Denise Kelly and Elliott Wahle and Brook Venture advisor Ned Williams.