Dallas – Need, a curated men’s retailer and lifestyle magazine, today announced that the Company has successfully completed seed funding from veteran finance, fashion, and angel investors. The current round was led by prominent 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. Funds will be dedicated to the expansion of the company’s core team, re-investment in its proprietary technology platform, and the launch of localized retail and editorial offerings to cities in the U.S. and abroad. To date, Need has raised more than $500,000 in seed funding from veteran finance, venture capital, and angel investors.
“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 round also included significant participation from several Dallas-area angel investors, and German venture group Venista Ventures.
In its initial six months of operations, Need has attained cash flow positivity, selling-out of all items listed for sale in each of its six collections. Fueling its growth, Need has garnered tens of thousands of members, over one hundred brand partnerships – including Bridge & Burn, Field Notes, hook+ALBERT, Noble, Nudie Jeans Co., Realm & Empire, and Rye 51 – and positive sentiments from its unwillingness to send more than one email per month. Over the past six months, Need has successfully raised $500,000 toward their “seed round” funding which will disperse retroactively.
“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.”
Greg Abbott’s diverse area of experience brings great industry knowledge and respect to the team. As previous CEO of Ithaca Industries, Greg built the company into the nation’s largest private label manufacturer, establishing partnerships with JCPenney, Nike, and Gap, to name only a few. In the time since, Greg has been the lead investor in Earthlink, and now serves as CEO of IDC.
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.
Need is a men’s lifestyle service and publication selling a hand-picked selection of clothing, literature, film, furniture, and more each month.