Beringea Invests In Abe's Market, Online Retailer For Natural Products
FARMINGTON HILLS -- Beringea, Michigan's largest and most active venture capital investor, has invested in Chicago-based Abe's Market, an online store for natural and organic products.
The investment was part of Abe's $5 million financing round, led by Carmel Ventures with existing investors Index Ventures and Accel Partners, and new investor OurCrowd. Abe's Market is the 28th new investment made by the InvestMichigan Growth Capital Fund since its inception.
Abe's Market has become the premier online destination for helping people live a better, more conscientious lifestyle. The company offers people an easy-to-navigate, inviting place to connect with, learn about and buy from passionate and innovative merchants offering thousands of natural and organic food, baby, home, hygiene, fashion, lifestyle and pet products. Abe's Market is using the new funds to fuel its growth as an authority in the green and natural space, making key investments in marketing, talent acquisition, technology enhancements, content creation and product expansion.
"Over the past decade, consumers have begun to understand the impact natural and organic products have on health, wellness and the environment," said Beringea managing director Jeff Bocan. "Abe's is poised to capitalize on this rapid shift in mindset and is on track to become the leading online specialty natural products retailer. The company's extensive product offerings and helpful resources make the switch from conventional products to natural alternatives easy and enjoyable."
Added Abe's co-founder and CEO Richard Demb: "Abe's Market stands for much more than just a business….we represent a way of life. By providing a personal connection with the merchant and their products online, we are improving the buying experience and helping consumers enjoy a healthier lifestyle. This new round of funding from leading investors is a testament to the strength of what we have built and the future ahead of us."
Abe's Market continues to innovate within the natural living and e-commerce spaces. At the beginning of 2013, the site unveiled a new content model that offers insight from Abe's merchants, staff, and industry thought-leaders on the news and trends happening in the organic, natural, and green industries. The company has also launched a first of its kind customizable shopping experience to help people filter through and better understand hundreds of various lifestyle and dietary qualities which make up the thousands of products offered on the site.
Founded in 2009 by serial entrepreneur Richard Demb and former Fortune 500 marketing executive Jon Polin, Abe's Market gives healthy, environmentally conscious, and lifestyle savvy consumers a place to find incredible food, along with baby care, hygiene, home, fashion and pet care items. The site is home to thousands of green-minded vendors, each of whom uses the platform to share the stories behind their products to help better connect with Abe's customers and stand out to other like-minded vendors. In return, consumers get a better understanding of the health and environmental benefits each product delivers, and vendors have a business network they can tap into for new business and potential partnerships.
For more information, visit www.abesmarket.com
Beringea offers advice, guidance and capital to support growing businesses. With offices in the United States and United Kingdom, Beringea's award-winning team offers its portfolio companies the resources to develop strategy, evaluate growth opportunities, and build value in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. Beringea is the co-manager of Michigan Growth Capital Partners Funds and the Michigan Growth Capital Partners Mezzanine Fund in the U.S., as well as the ProVen VCT family of funds in the UK, among others. For more information, visit www.beringea.com.
