Growve, a brand aggregator acquiring and operating wellness and beauty brands, brought in a $175 million credit facility Thursday.
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The financing was backed by a banking syndicate comprised of Truist Bank, Compeer Financial, Wells Fargo, First Horizon Bank, JPMorgan Chase & Co., Synovus Bank, South State Bank, Atlantic Capital Bank, HSBC Bank USA and Seaside Bank and Trust. The $175 million credit facility comes on the heels of a minority investment from Palm Beach Capital. Financial terms of that deal were not disclosed.
Growve is one of 100 e-commerce aggregators and the latest to bring in a significant amount of capital as the sector continues its hot streak. Investments into these companies heated up in 2021, with the companies in this sector raising over $1 billion. This week, Perch announced a $775 million round of Series A funding led by SoftBank Vision Fund 2, and just prior to that, Heyday raised $70 million in Series B funding.
Headquartered in St. Petersburg, Florida, Growve was founded in 2018, and both acquires and creates brands in six verticals: dietary supplements, beauty, food, sports nutrition, pet and household wellness, and beauty products.
“While other aggregators are category agnostic, we decided to focus on wellness and beauty because we all have backgrounds and expertise in that area, and it made sense to be able to have control over regulatory and quality,” President Dave Bunch told Crunchbase…
