Curated men’s retailer and lifestyle magazine Need has announced the closing of its $500,000 seed financing round.
The round was led by New York-based investor and apparel industry veteran Greg B. Abbott, Imran Sheikh, Chief Executive Officer of Aftershock London U.S., and Mobelux, Need’s development partner.
“When we launched Need in November, we could not have predicted the level of support and traction we’d receive. With a shoestring budget, one employee, and no marketing spend, we sought to build something sustainable, beautifully presented, and focused on the needs of today’s discerning man,” said Matt Alexander, Founder and Chief Executive Officer of Need. “Today, we are well-funded, have exceptional traction and consumer interest, and are ready to re-shape the way men shop all over the country.”
The new funds will be used to grow the team, continue to invest in its platform and launch localized retail and editorial offerings.
The company is a shining example of bootstrapping a long way before taking on significant outside funding. Need now has over 10,000 members and over 100 brand partnerships built on the back of a very opinionated business model.
Needs investors are equally excited.
“In an age of sky-high valuations and enormous rounds of funding, Need has shown that with a strong concept, disciplined approach and solid strategic partnerships, it’s irrefutably possible to build a sustainable, well-positioned business,” said Greg Abbott. “I’m excited to be aboard and to support the company’s growth via both direct investment and upcoming collaborative endeavors.”
Need has also formed a strategic partnership and joint venture with Greg Abbott to explore new consumer- focused verticals related to the fashion and media industries. Need’s proprietary platform — built in partnership with Mobelux — will drive the new venture, generating unprecedented, localized data insights for the fashion industry, whilst also efficiently and beautifully opening the opportunity for new areas of commerce.