Acumen Holdings, a Fayetteville, AR-based Internet retailer, closed a $5m equity investment.
The round was led by Noro-Moseley Partners, with participation from BLH Ventures, Gravity Ventures, and the
Arkansas Risk Capital Matching Fund.
The investment was augmented by the Equity Investment Tax Credit, a program jointly managed by the Arkansas Economic Development Commission, Arkansas Development Finance Authority, and Arkansas Science and Technology Authority, which offers a 33 and 1/3% tax credit to investors in a qualified company.
In conjunction with the financing, Alan Taetle, General Partner of Noro-Moseley, will join Acumen’s board.
Acumen, which operates online stores including outdoor apparel (trailsedge.com), workwear (toughweld.com), nursing scrubs (scrubshopper.com), and baby gear (babyhabit.com), intends to use the capital to expand into additional retail categories and to outfit an automated fulfillment facility.
According to a release, this new infrastructure will allow the company to open 20 additional online stores in the next 24 months. Acumen is already a distributor for over 200 brands including Timberland, Carhartt, Dickies, Fisher Price, Wrangler, and Under Armour.
Commenting on the funding, John James, M.D., CEO of the company said: “The infusion of capital will help us create dozens of high paying technology jobs in Northwest Arkansas.
“It will create jobs immediately, and place us on solid ground as we work to create a sustainable, growing enterprise that will benefit the state for years to come”.