Etailz lands additional $5 million in capital
Co-founder Simpson joins director’s boardApril 9th, 2020
Spokane Valley-based online retailer etailz Inc. has secured a round of investment funding for the second time this year, says the company CEO Kunal Chopra.
The newly raised capital, just more than $5 million, comes from a group of investors led by Alimco Financial Corp., headquartered in Stuart, Florida, Chopra says.
Etailz now has secured about $30 million in investor funding since the start of 2020. In February, the company entered into a loan-and-security agreement with Encina Business Credit LLC of up to $25 million. Chopra says the infusion of capital will be used for inventory and software expansion.
Originally named Green Cupboards, etailz was founded as an online retailer of ecofriendly household products in 2008 by Spokane entrepreneurs Josh and Sarah Neblett and Spokane angel investor Tom Simpson. In October 2016, Albany, New York-based Trans World Entertainment Corp. bought etailz for $75 million.
In a press release announcing the newest round of funding, Trans World adds that Simpson and Jonathan Marcus, Alimco’s CEO, will join a reconfigured director’s board.
“I’m honored to rejoin the company I cofounded and to work closely with the entrepreneurial etailz team to achieve its objectives,” Simpson says in the release.
Chopra says Simpson’s expertise and perspective will prove invaluable for etailz. As the company’s former CEO, Simpson helped lead etailz in surpassing $115 million in annual revenue before Trans World bought the company.
“We’re really excited about this,” says Chopra. “Tom is well familiar with the company and the industry overall.”
Etailz occupies 40,000 square feet of space in the former Itron Inc. headquarters building at 2818 N. Sullivan Road.
The company employs 155 people, down from 288 employees in September 2018.
Chopra said despite the current coronavirus pandemic, he still expects strong growth in 2020, part of which will involve adding to existing staff.