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The Latest Round Will Fuel Category Expansion and Broaden Caraway's In-Store Presence
NEW YORK, Sept. 28, 2022 /PRNewswire/ -- Caraway, the iconic home and lifestyle brand leader in non-toxic, design-forward kitchenware & home goods, today announced that it has raised a $35M investment led by McCarthy Capital. McCarthy Capital manages more than $3 billion of investment capital across its portfolio and specializes in growing businesses in partnership with strong management teams.
New funding will support Caraway's product development and innovation pipeline, having recently launched a new tea kettle line and a collection of "Minis," which includes smaller sizes of their internet-famous non-toxic ceramic cookware pieces. Bakeware and linens round out the Company's current product offerings, in addition to frequently launching new colors that are known to sell out within hours.
"Caraway has been steadfast in its mission of providing consumers with a variety of non-toxic, design-forward options to elevate their homes," says Founder and CEO Jordan Nathan. "We're excited to reach new consumers as we expand our nationwide presence and continue innovating in the home space over the next few years."
Launched as a DTC brand in November 2019 with the first high design, non-toxic and non-stick cookware product on the market, Caraway has since amassed a cult-like following and over 35k 5-star reviews. The company has also rapidly become one of the most in-demand lifestyle brands, having developed omnichannel partnerships with Crate & Barrel, Target, Amazon, Nordstrom, Zola, West Elm, Williams Sonoma and others. Through the latest funding, Caraway will continue growing its omni-channel presence as the brand gears up to launch in 350 new Target stores in October.
"We're excited to partner with Caraway to further accelerate the brand and support its omni-channel growth and product category expansion. Caraway continues to build a loyal customer base by prioritizing product innovation that delivers both non-toxic materials and design," says Matt Breunsbach, Managing Director at McCarthy Capital. "We look forward to supporting the talented management team's efforts to introduce the brand's design-forward, non-toxic products to new customers across its omni-channel distribution channels."
Caraway plans to continue growing the team, having already doubled from 20 employees in 2021 to 40+ in 2022. Additionally, the brand will direct funds towards marketing and customer experience initiatives.
About CarawayCaraway is on a mission to thoughtfully raise the standards of what we bring into our homes by creating non-toxic, design-forward and eco-friendly home goods. Simply put, the products are designed to make your life easier and healthier, no matter your level of expertise.
The home goods brand launched in the fall of 2019 with its first product collection—a non-toxic, non-stick ceramic cookware set, replete with a thoughtful pan and lid storage system and meticulous design details. Since then, the company has expanded its offerings to include non-toxic, non-stick bakeware sets and a ceramic tea kettle.
About McCarthy CapitalMcCarthy Partners Management, LLC is a registered investment advisor that conducts business as McCarthy Capital. McCarthy Capital, headquartered in Omaha, Nebraska, is focused exclusively on lower middle-market companies. For more than 35 years, the McCarthy organization has been partnering with founders, families and exceptional management teams to support the growth of their companies. More information about McCarthy Capital can be obtained at www.mccarthycapital.com.
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SOURCE Caraway