Customers Supports to Draper James
Draper James, Reese Witherspoon's Southern Inspired Lifestyle Brand, Raises $10 Million in Series B Financing.
Draper James, a Southern inspired retail brand founded by Reese Witherspoon, announced the closing of its Series B financing in the amount of $10 million. The round was led by Forerunner Ventures, the venture capital firm leading the way in defining a new generation of commerce, with participation from Stone Canyon Industries and existing investor JH Partners.
“I am so thrilled by the overwhelming response to Draper James. Having sold in all 50 states and over 15 countries, it is clear that customers are really responding to our brand,” said Reese Witherspoon, Co-Founder and Creative Director of Draper James. “Being born and raised in the South, I take great pride in the brand story. I am so excited to be partnering with such a great group of investors to make it possible for Draper James to broaden its product assortment and extend our reach.”
Since its launch a few months ago, Draper James has quickly established a distinctive place amongst contemporary brands by focusing on the American South. The new financing will allow Draper James to accelerate its growth and introduce its Southern brand to a wider audience. The company’s first retail store will open later this month in Nashville.
“We are thrilled to have our new partners on board to help take Draper James to the next level,” said Seth Rodsky, Co-Founder of Draper James. “This strategic investment provides Draper James with meaningful capital to allow for the continued direct to consumer build out, launch and expansion of the retail and wholesale business, the ability to pursue a disciplined licensing rollout and offer more products in apparel, accessories and home décor.”
“With so many avenues vying for attention, it’s increasingly challenging to gain mind and heart share with consumers. Draper James stands out in this regard. It’s about so much more than stylish product. It embodies a real sensibility and lifestyle and is rich with storytelling potential. These things matter to the modern consumer and they provide a foundation to deliver an experience. Backed by a team of industry experts and a visionary founder in Reese, this company has the key ingredients to become an iconic brand,” said Kirsten Green, Founder and Managing Director of Forerunner Ventures.