Hubba secures Series B venture financing round led by Goldman Sachs Investment Partners
Hubba has secured a Series B financing round led by Goldman Sachs Investment Partners and participation from existing investors Real Ventures, Kensington Venture Fund and Brightspark Ventures. The financing follows an $11 million Series A round that closed in 2015 and marks Goldman’s first investment in a Canadian technology startup.
“We have seen remarkable growth of our network in 2016,” said Ben Zifkin, founder and
CEO of Hubba in a statement. “This is a huge testament to Hubba’s community of quality brands and the value they capture from being on our network.”
Hubba’s platform connects brands with retail buyers and currently has a network of more than 40,000 companies including Unilever and Anheuser Busch InBev. However, the company is also focused on working with smaller brands, too.
“We are entering a new era for brands,” said Zifkin. “It is easier, cheaper and faster to launch incredible products today,” says Zifkin. “We are very focused on helping these amazing companies grow their businesses to a whole new level.” With companies across eight categories, including Food & Beverage, Pets, Personal Care & Beauty and Sports & Recreation,
Hubba’s members can efficiently manage and share product information with trading partners.
Hubba will use the proceeds of the Series B funding round to “provide even greater value for its community members”. The company said this includes developing new products and features to help drive new business for Hubba users as well as expanding the company’s geographic footprint to other international regions.
Read more in the Wall Street Journal: Goldman Sachs invests in Toronto-based startup Hubba Inc.
Read more in the Globe & Mail: Goldman Sachs leads funding round for Toronto consumer products platform Hubba