Resident, the parent company of brands including Nectar and DreamCloud, has raised $12.5 million through a funding agreement with Liquidity Capital. Resident plans to use the investment to accelerate its growth into additional home product categories.
The e-Commerce retailer gets 80% of its traffic and 50% of its sales from mobile devices, putting Resident at the forefront of mobile retailing. The retailer made its name selling memory foam mattresses, but has continued to grow its direct-to-consumer sales into categories including rugs, couches, chairs and bean bags.
"We are thrilled to be investing in Resident," said Ron Daniel, Co-Founder and CEO of Liquidity Capital in a statement. "This investment strengthens our investment portfolio greatly. We are happy to be doubling down on e-Commerce, pairing Resident with our investment in Le Tote, a leader in e-Commerce fashion retail. We're excited to watch the continued hyper-growth of Resident and give them any support needed along the way."