Venture Capital News: Public Goods Raises $3M Seed Round
NEW YORK, NY, Public Goods, a direct-to-consumer brand selling basic necessities, today announced it has raised $3 million in seed funding.
The round was led by Yes VC with participation from Listen Ventures, Day One Ventures and existing investors. Sales of the company's household goods and personal care products have grown rapidly and the new funds will support its expansion into new product categories such as food and drink, which will be launching this fall.
"Public Goods is about making healthy choices accessible to more people. Today, the big online retailers don't stand for anything, and so, they carry everything. This can be overwhelming and makes it hard to find trustworthy products," said founder and CEO Morgan Hirsh. "We're offering high quality, healthy goods priced so everyone can benefit. And without all the clutter, so shopping isn't such a hassle."
This new financing brings the total capital raised by Public Goods to more than $4 million. Early investors include legendary quarterback Joe Montana and Skip Battle, former CEO of Ask.com who serves on the Board of Directors at companies including LinkedIn, Expedia, and Netflix.
"Public Goods has a big vision for a greater good. That's the kind of company we like to support," said Montana.
In closing this round of funding, Caterina Fake, General Partner at Yes VC and Rick Desai, Partner at Listen Ventures will join Public Goods' Board of Directors.
Fake famously founded Flickr (acq. YHOO) and Hunch (acq. EBAY), and invested in and served as Chairman of Etsy up to its 2015 IPO. An investor in cutting-edge companies with a strong brand, ethos and design, Fake looks to invest in companies that are at the vanguard of movements.
"I invest in companies that are at the forefront of a big cultural or societal change," said Fake. "At Yes VC we have been closely watching the evolution of online retail. A simplified choice in products and brands is a major advantage in today's cacophony of non-stop marketing. Public Goods is the very essence of simplicity, values, value and ease."
Co-investor Listen has a clear focus on brand development, bringing years of expertise to the table. The firm backs only a handful early stage brands per year, their portfolio includes Remote Year, an experience brand catering to free spirited millennials and Calm, Apple's #1 rated app for meditation and sleep.
"When we met the Public Goods team we were impressed by the momentum they had achieved with a small team and limited funding," said Desai. "The brand invites participation and inspires commerce. Their traction is better than competitors that have raised 10 times more."
For more information, visit www.publicgoods.com.
About Public Goods
The mission of Public Goods is to make healthy products affordable to all. Founded by Morgan Hirsh, Public Goods offers premium, natural, and environmentally conscious products at a fraction of the cost of traditional retailers. The company sells top-quality goods, in beautiful packaging, for an affordable price, all delivered to your door. Beginning with home and grooming essentials, the Public Goods portfolio continues to grow, with new products launching monthly.
About Yes VC
Caterina Fake (Founder Collective, Flickr, Etsy) and Jyri Engeström (True Ventures, Groupon, Google) are the General Partners of Yes VC, a pre-seed and seed stage fund focused on companies at the vanguard of movements. Prior investments have included two IPOs (Etsy and Cloudera) and companies such as Blue Bottle Coffee, Kickstarter, Applifier/Unity and Stack Overflow.
Listen is an early stage venture capital fund that backs and builds the brands of tomorrow. Select portfolio brands include Calm, Interior Define, Remote Year, Raise, and Angel's Envy.
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