10club set to close $30 million round of funding led by Olive Tree Capital
- ByStartupStory | June 8, 2022
10club, a roll-up commerce firm, plans to raise more than $30 million in finance and stock. The investment round was headed by Olive Tree Capital, a Boston-based fund, with current investors Fireside Ventures, Secocha Ventures, and Boat co-founder Aman Gupta also participating. The first $22 million has already been closed, with the rest to follow in the coming weeks.
Bhavna Suresh, co-founder and CEO of 10club said that the pledges for the remaining funds have arrived, and the interest rate is satisfactory. The company is in the process of closing the remaining investment. In addition, the team has launched a new vertical that exports items to the Middle East and North Africa (MENA) area as well as the United States of America.
After Mensa Brands, 10club is the second startup to declare that its products would be available in the United States. The company stated that it will increase its investments in the home and fitness areas. Garden, outdoor, kitchen, bathroom, décor, and furniture are all included in the home category.
Home and fitness are disorganised and voluminous categories that are dispersed and largely offline. 10club claims to have been diligent in its target category purchases and values. Suresh claims that 10club operates every firm it has purchased and that every company in its portfolio is profitable, citing a 35% increase in revenue in the past quarter.
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