NEW YORK – RugsUSA, an e-commerce supplier of space rugs and residential décor, has signed an settlement with Francisco Companions, a world funding agency that focuses on partnering with know-how firms, to make a progress funding in RugsUSA.
“RugsUSa is dislocating the standard retail expertise, and we’re excited to be partnering with the corporate to speed up progress in core markets and increase into new classes and geographies,” mentioned Christine Wang, principal at Francisco Companions.
As a part of the settlement, Comvest Companions, an operationally centered personal funding agency, will promote its majority place to Fransisco Companions and hold a minority stake within the enterprise. This pending transaction is anticipated to shut later this yr.
“We’re thrilled to have Francisco Companions as a strategic companion,” mentioned Vidya Jwala, CEO of RugsUSA. “As we proceed scaling our platform, Francisco Companions has deep expertise accelerating the expansion of different know-how and digital commerce companies and is the proper companion for us as we enter the following chapter in our journey and look to increase our buyer attain sooner or later.”
Erica Crawford, editorial assistant for Furnishings At this time, is a current graduate of the College of Iowa, with a level in English and a writing certificates in publishing. Along with bringing her writing expertise to the editorial group, Erica will add her late-Millennial perspective.