RealTime IT News

Garden.com Raises $20 Million

Garden Escape Inc., operator of www.garden.com, a retail store site for gardening products and services, said it completed a private placement equity financing for $20 million.

Garden Escape said it created an automated retail and supply chain system to streamline the gardening industry's traditionally fragmented model and enable direct, drop-shipment from suppliers to end customers, including specialty live goods.

Additional investors include the Pequot Private Equity Fund of Dawson Samberg Capital Management, Hambrecht & Quist, Nexus Group and Van Wagoner. All existing investors also participated in this financing round, including Austin Ventures, Phillips-Smith Specialty Retail Group, Oak Investment Partners and Scripps Ventures. Stock details were not disclosed.

Hambrecht & Quist served as the placement agent. The financing was led by Global Retail Partners, which subsequently secured a seat on Garden Escape's board of directors.

"This substantial investment will enable Garden Escape to more aggressively build the Garden.com brand, expand key distribution channels and sustain annual growth rates in excess of 500%," said Cliff Sharples, CEO and president of Garden Escape.