Parachute, a Venice, CA-based home essentials brand, secured $30m in Series C funding.
The round was led by H.I.G. Growth Partners with participation from Upfront Ventures, Susa Ventures, Suffolk Equity, JAWS Ventures, Grace Beauty Capital and Daher Capital.
Founded by Ariel Kaye in 2014, Parachute offers premium quality, responsibly manufactured bedding, bath, table linens and other home decor. Using European-sourced materials, the company sells their textile assortment directly to consumers online and through a network of company-owned stores.
Parachute currently has three stores located in Venice Beach (CA), Portland (OR) and New York (NY).
The company intends to use the funds to accelerate the brand’s retail expansion plans, with 20 stores set to open by 2020, to drive product innovation and category expansion – and allow for strategic investments in marketing, technology and supply chain.