NEW YORK, May 28, 2020 /PRNewswire/ -- Caraway, the direct-to-consumer home brand, is announcing today that it has raised a $5.3M seed round, with plans to expand their product line and further build out distribution channels. The funding comes from over 100+ investors, with a balance of traditional venture capital funds, consumer-focused angels, and other successful entrepreneurs who lend their expertise in sustainable growth and profitability.
Participants in the round include Republic Labs, Springdale Ventures, Wesray Social, Bridge Investments, WTI, CompanyFirst, G9 Ventures, Super Angel Syndicate (led by Ben Zises) and Five Four Ventures, alongside Andy Dunn (Bonobos), Brian Sugar (PopSugar), Henry Davis & Bryan Mahoney (Glossier & Arfa), Ali Pincus (One Kings Lane), Nik Sharma (Sharma Brands), and more.
Since launching in November 2019, Caraway has quickly disrupted the $2.1 Billion Cookware Market, which is expected to reach $4.6 Billion by 2024, by creating the first non-toxic and non-stick cookware product on the market.
"People are investing in their homes more than ever before, and at Caraway we have been able to adapt and help consumers at a time where they need us most," said Founder and CEO Jordan Nathan. "COVID-19 has shifted the way consumers are spending, and has brands rethinking how they interact with consumers. We're excited to continue building our brand, while leading the conversation around safe and sustainable cookware, especially in a category that is often overlooked when it comes to toxins and eco-friendly solutions."
"Many people think direct-to-consumer brands are going to struggle in this new economy," said Andy Dunn, Caraway investor and the Co-founder of Bonobos. "From being an investor in two dozen brands, the truth is more nuanced: some are really flourishing. Caraway had strong momentum at launch, with a clear vision from founder Jordan Nathan around the future of home goods. The COVID-19 pandemic then amplified that momentum with the surge of in-home cooking. Caraway's out of the gates growth rate is in the top 1% of what I've seen in DTC brands. This is not a pots and pans company, this is a disruptor to traditional brick and mortar multi-category home brands."
The $5.3M investment will transition Caraway from an early stage cookware startup, and accelerate the brand into a global lifestyle brand. With this latest round of funding, Caraway plans to expand their product line, offering a wider assortment of kitchen and home goods, keeping within the brand's core values around sustainability and non-toxic, better-for-you products. In addition to new product launches, Caraway is creating new jobs and building their team to grow the brand globally, through a thoughtful and robust omnichannel strategy.
Caraway is on a mission to craft well-designed, non-toxic ceramic cookware that thoughtfully raises the standards of what you cook with. Simply put, the products are designed to make your life easier and healthier, no matter your level of expertise. The direct-to-consumer 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. This 4-piece, all-in-one set is not only high-design, but also free of any nasty, hard-to-pronounce chemicals often found in traditional cookware, such as PTFE.
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