WASHINGTON, July 13, 2017 (GLOBE NEWSWIRE) -- Framebridge, the simple and affordable way to custom frame everything you love, today announced that it raised $16.7 million in Series B funding. New investors include retail legend Gordon Segal, co-founder of Crate and Barrel and Beth Kaplan, former President & COO of Rent the Runway. Existing investors also participated including New Enterprise Associates (NEA) , Revolution Ventures, and SWaN & Legend Venture Partners.
This investment follows three years of outstanding growth in which Framebridge has experienced high customer repeat rates, with more than half their customers returning within one year. The company has also created new industry demand, with one-third of their customers having never before purchased a custom frame. Their accessible pricing, mobile app, and seamless connectivity with digital photo sources such as Instagram has attracted millennials to the custom framing space – 40% of their customers are under 35 years old. Framebridge will use the investment to acquire new customers and to continue to scale the business.
“Framebridge brings a much-needed service to the multi-billion dollar market that is framing,” said Gordon Segal, co-founder, Crate and Barrel. “While I’ve worked with many retailers over the decades, Framebridge stands out, having built in a few years’ time a robust customer-centric business that people love. I’m very excited to invest in Susan and her talented team and look forward to working with Framebridge to help take the business to the next level.”
Added Segal, “It’s amazing that one third of Framebridge customers have never framed before and that the majority are millennials. Based on these and other trends, I agree with investors and analysts alike that the potential size of the framing market is much greater than advertised.”
Framebridge has tackled the painful, inconvenient and costly process of custom framing an item, replacing it with an experience that places the customer first. Customers can order online in minutes, with the ability to preview their piece in different frame styles. Customers can upload their item on the website or app, or mail physical items using prepaid packaging from Framebridge. The company handcrafts a custom frame within three days of receiving the piece and ships it to the customer, ready-to-hang. Its preset pricing is based on the size of the art and ranges from $39 - $189 (all shipping is free). Production is powered by proprietary technology, with manufacturing facilities based in Kentucky and Maryland led by experienced operators from Amazon, PepsiCo, and Zappos.
“I built this business in response to my painful experience framing things that mattered to me – the complexity, inefficiency, and prices were ridiculous,” said Susan Tynan, Founder and CEO, Framebridge. “By reworking the service experience to be special and delivering value to the customer, we’ve eliminated those pains and customers are thrilled with their experience and their finished frames. The Framebridge team is honored to add Gordon Segal as an investor and board advisor as well as the ongoing support of our existing investors.”
“At NEA, we get excited by companies that are attacking opportunities within massive markets—this is exactly what Framebridge is doing,” said Dayna Grayson, Partner, NEA. “In a fragmented multi-billion dollar industry, Framebridge addresses the frustrations shared by anyone who has tried to get a picture custom framed. Customers love them, they have a strong production model, and we are thrilled to partner with them as they continue to grow and transform the framing industry.”
For additional information, visit www.framebridge.com .
About Framebridge Framebridge is the simple way to custom frame what you love. Place your order at framebridge.com or with the Framebridge iPhone app by selecting from a curated collection of stylish frames, then mail us your art (we'll send free packaging) or upload a photo for us to print and frame. Your framed art arrives at your door beautifully framed and ready to hang. Framebridge offers clear pricing significantly cheaper than traditional frame stores and shipping is free.
Framebridge investors include NEA, Revolution Ventures, SWaN & Legend Venture Partners and Crate and Barrel co-founder Gordon Segal. The company is based in Washington D.C. with production facilities in Lanham, MD and Richmond, KY.
