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Consumer Discretionary : Specialty Retail | Large Cap Blend
Company profile

The Home Depot, Inc. is a home improvement retailer. The Company offers its customers an assortment of building materials, home improvement products, lawn and garden products, and decor products and provide a number of services, including home improvement installation services and tool and equipment rental. It operates approximately 2,291 The Home Depot stores located throughout the United States (U.S.), including the Commonwealth of Puerto Rico and the territories of the U.S. Virgin Islands and Guam; Canada and Mexico. The Company serve two primary customer groups: do-it-yourself (DIY) Customers and Professional Customers (Pros). DIY Customers include home owners who purchase products and complete their own projects and installations. Professional Customers are primarily professional renovators/remodelers, general contractors, handymen, property managers, building service contractors and specialty tradesmen, such as electricians, plumbers and painters.

Postmarket

Last Trade
Delayed
$264.00
0.01 (0.00%)
Bid
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Ask
--
B/A Size
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Market Hours

Closing Price
$263.97
Day's Change
-4.17 (-1.56%)
Bid
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Ask
--
B/A Size
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Day's High
268.73
Day's Low
262.82
Volume
(Heavy Day)
Volume:
7,273,625

10-day average volume:
3,764,516
7,273,625

Bloomscape Raises $15M in Series B Funding After Major Year of Growth

10:01 am ET September 30, 2020 (BusinessWire) Print

Bloomscape, the modern online garden center delivering the largest variety of quality houseplants directly from the greenhouse, today announced $15 million in new financing led by General Catalyst, bringing its total fundraising to $24 million. Joel Cutler, co-founder and Managing Director of General Catalyst and Bob Mylod, Managing Partner at Annox Capital Management will join Bloomscape's Board of Directors. Bob Mylod, Jeff Boyd (Home Depot Board of Directors and formerly Chairman of Booking Holdings) and John Replogle (formerly CEO of Seventh Generation and Burt's Bees) are also contributing to the round with participation from existing investors including Revolution Ventures and Ludlow Ventures.

In addition to funding, Bloomscape is announcing the acquisition of Vera, the plant care app, which will provide customers access to plant care tips and content, troubleshooting, watering reminders and more. The app, Vera by Bloomscape, is yet another initiative toward Bloomscape's mission to arm plant parents with ongoing plant care support, resources and tools to ensure plant parents have what they need to succeed.

Bloomscape will use the investment to:

Continue to grow premium plant care offerings - This includes the newly acquired Vera by Bloomscape app and extending its line of care products. Grow the team - Bloomscape is focused on investing in employees and hiring a robust customer experience team, the "Grow-How(TM) Team," to continue the company's mission in supporting new plant parents in the plant care process through continued education and tools. Build a world-class distribution model - Team is refining regional fulfillment strategy with the goal of installing localized centers and systems that shorten transit times leading to faster shipping. Expand product offerings - With the success of the Edible Garden beta (which sold out in less than a week), Bloomscape is officially launching its Edible Garden Shop, including a small tomato, lavender, sweet pepper, hot pepper, kale mix, mint and chamomile plants as well as the aromatic, savory and spicy collections. Bloomscape is also announcing the company's expansion into the outdoor plant category next year, as the team continues to pioneer the online garden space.

"We're proud of the rapid growth our business has seen since launch, but this is just the beginning. With this new round of fundraising and the acquisition of the Vera app, we're ready to take our product offering to the next level with new plants, tools and educational information to ensure our customers have everything they need to be successful plant parents, all in one place," said Justin Mast, founder and CEO, Bloomscape. "Our business model is uniquely positioned for success in a time where ecommerce is key in consumer purchasing, and with our team's historic knowledge of plant care and horticulture supply chain as well as distribution, we're thrilled to be using our new funds to grow and continue in our mission to be the leading modern garden center for a new generation of plant lovers."

Since its Series A round last year, the company has seen 4X growth and has more than doubled its team.

"You'd be hard pressed to find a team that understands a consumer vertical better than Bloomscape does with home gardening," said Joel Cutler, co-founder and managing director, General Catalyst. "The team has found not just excellence in the complicated logistics of cultivating and shipping live plants nationwide, but also a strong resonance with today's consumer who's looking to green up their living spaces."

About Bloomscape

Bloomscape is the modern garden center delivering the largest variety of quality houseplants directly from the greenhouse to peoples' homes. Founded by a family of horticulturists dating back five generations, Bloomscape brings the greenhouse online for the first time with patented shipping technology making it the only service delivering plants of all sizes across the U.S. Located in Detroit, Michigan, Bloomscape's mission is to strengthen people's relationship with plants by delivering healthy, ready-to-go, potted plants and providing ongoing tips and advice needed to help them thrive. For more information, visit www.bloomscape.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200930005620/en/

SOURCE: Bloomscape

Becky Lew
Moxie Communications Group
rlew@moxiegrouppr.com 
510.685.9376
comtex tracking

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