The Sill, the New York based startup which sells potted plants online and through physical stores has announced that it has secured $5 million in Series A funding to take the total raised amount to $7.5 million. The funding round was led by Raine Ventures.
Notably, The Sill functioned on bootstrapped funds till last year. It has raised seed funding from the likes of Brand Foundry Ventures, Halogen Ventures, BBG Ventures, Tuesday Capital, Blueseed and The Chernin Group. The Sill was started by Eliza Blank in 2012 who talking about their decision of starting to find investment said that she later realized that they “probably waited too long to go out and raise.” Talking further she says that however, she got time to figure out the right business model.
She says that when she went on to buy plans, she realized the pain as a newbie as there were almost limited or no resource to look at for them. That's how The Sill was born. So, what this means is, apart from selling the plants, it also helps you understand a lot of things about the plants where the company’s plant experts can answer the queries. The company claims to have sold over 75,000 products in the last six months and now aims to generate revenue of about $5 million per year.
Talking on it Blank says that their relationship with the customer is not just the typical transaction business. “We have a much longer relationship than a typical transaction business. Making the purchase is almost like the start — or maybe the middle — of a conversation," said Blank.
Image Courtesy : thesill, bird