US-based flower and plant delivery startup The Bouqs Company has raised US$30 million in growth financing led by new investor Yamasa, a multi-national enterprise business based in Japan, according to a statement.
The funding round, which was also participated by Pontifax AgTech along with existing investors Partech Partners, Azure Capital Partners, and Next Equity, will pave the way for the US startup to expand in Japan.
Founded in 2012 by John Tabis, Chief Executive Officer, The Bouqs Company is an online floral retailer that delivers flowers from eco-friendly, sustainable farms to consumers via a curated network of artisan florists.
Since its inception, The Bouqs Company has been disrupting the US$16-billion US floral market with continued innovation and growth. And with a Japanese investor, the firm seeks to bring its flower and plant delivery technology to the Japan market.
The fresh funding brings The Bouqs Company’s total funds raised to date to US$74 million, making it the most well-funded company in the space that it operates. Its competitor, Urban Stems, ranks second with US$27 million in funding after raising US$12 million last year.
The company intends to use the funds to further the development and growth of new services, including the launch into brick-and-mortar retail and its existing subscription and wedding businesses, and expand into international markets, starting with Japan.
The company said it was formed to radically disrupt the US$100-billion global floral industry through a modern brand, responsibly-sourced flowers, and a vertically-integrated supply chain.
“This financing will enable us to fully realize our vision of creating a global network of top-quality farms, paired with a category-defining local floral brand, enabled by proprietary supply chain technology and vertically-integrated sourcing capabilities,” said Tabis.
The lead investor in the funding round, Yamasa, was founded in 1967 and headquartered in Okayama, Japan. It is a multi-business enterprise and investor spanning the entertainment, aircraft, solar power, real estate, and venture capital sectors across Asia and the US.
“The Bouqs Company’s success in the United States along with its commitment to consistency, quality, and sustainability was the impetus for our investment,” says Norikazu Sano, SVP of Yamasa.