Bulletin, a retailer steeped in technology that helps facilitate digital native brands enter brick-and-mortar, has raised $7 million in Series A funding in a round led by Foundation Capital with participation from Kleiner Perkins, Trail Mix Ventures and Afore Capital.
Since launching in 2015, Bulletin has met demand from brands by opening its own physical stores. The company is planning to use the influx of capital to help brands optimize and increase distribution at stores across the U.S. with the launch of a platform-enabled solution for brands looking for new stockists and retailers in search of a seamless way to source new inventory.
Until recently, the tried-and-true method of breaking into retail has been renting a booth at a trade show, hiring a showroom or paying a wholesale rep a large commission. Bulletin is betting that up-and-coming brands are ripe for finding a less costly and time-consuming solution.
According to Bulletin, the company by mid-2018, had a waiting list with more than 3,000 brands, which wanted access to shelf space. “We’re now able to serve the millions of digital brands that are struggling to find affordable, sustainable solutions for omnichannel growth,” said chief executive officer Alana Branston.
The funding has also allowed Bulletin to fill several key roles, including hiring Nick Reavill, former engineering director at Stitch Fix, as chief technology officer. Lisa Bougie, who held the titles of general manager and chief merchandise manager at Stitch Fix, has become a formal advisor to Bulletin.
Bulletin will refine and expand its custom assortment-as-a-service program, which leverages data science and data-driven insights to help retailers make smarter buying decisions.
“With the right blend of data science and human merchandising, this type of platform not only offers increased distribution for these brands but the right distribution to increase and maintain sales,” said Jonathan Ehrich, partner at Foundation Capital.