Manufactured closed its Series A last Spring, raising nearly $20 million in equity & debt.
On a term sheet issued a week after SVB collapsed.
Closing a week after FRB collapsed.
In a year when early-stage venture financing was down >30%.
Today is Feb 2nd, 2024.
Why are we talking about this now?
Because we forgot to announce our Series A.
Occasionally, Sam Cates from Positive Sum, who led the round, would ask us when we were announcing our Series A… and each time we would say, “We should really do it.”
But when we got down to writing the announcement, we struggled with the audience for the announcement.
Was it our SMB Customers? No, they were too busy trying to keep up with demand and competing against massive enterprises for inventory, cash flow, and growth.
Was it our SMB Vendors? No, they were just struggling to make payroll every week as they worked through inventory production, quality control, and logistics to deliver goods on time.
Was it our SMB Distribution Channels? No, they were just worried about what the goods cost to buy, how soon they could sell through them, and ensure the inventory arrived on time.
… and so, we forgot about announcing our Series A
Meanwhile, we got down to the critical work of helping our customers
- …like enabling Sash Bag to triple their revenue by expanding their beautiful product line of ergonomic women’s bags.
- We helped Porter Road leverage their amazing farm-to-table sustainable meat supply chain to create and sell “better for you” beef sticks that will become the new quality and claims standard in the rapidly growing meat snacks category; pasture-raised in the US with no hormones or antibiotics.
- …and we helped Loop Family deliver their highest-grossing year in their 8-year history with optimized seasonal holiday inventory.
- We got busy working with customers like HMP Drypro to improve their margins on the best-cast cover in the world by over 20%
- We helped lower input costs on HMP Bunker Up Fishin outdoor grills by over 30% while improving the quality and launching a v2.
- We’re helping Body Wrappers, a 40-year-old dance brand stay true to its heritage by focusing its product line and growing its channels.
We were so busy helping the best-emerging brands expand their markets, keep up with inventory demand, and help them de-risk their businesses so they could keep growing, stay independent, and keep serving the customers and communities they love…
… that we forgot to announce our Series A.
But then as we expanded the leadership team in Manufactured (we are hiring!), we thought potential team members would want to hear about our Series A… but hire after hire only wanted to hear about our customers, our business model, and our technology.
They cared more about how profitable we were on each transaction.
They cared about our culture and our goal of powering 10% of global SMB trade.
They cared about how sustainable our growth is and how we intended to grow our team responsibly instead of throwing bodies at the problems… and so we brought on hire, after hire…
… and we forgot to announce our Series A.
We thought our investors might care about the announcement but that wasn’t true either.
Sam Cates has become a true part of the MFD executive team, down to 8:00 PM phone calls about random company issues.
Alison Riddell and Patrick O’Shaughnessy have been amazing thought partners.
Jon Soberg is deeply knowledgeable about trade finance and embedded fintech and routinely makes trajectory-influencing introductions and partnerships.
Nathan Vellayan has been an outstandingly supportive debt partner in helping us establish our fledgling embedded fintech practice.
And so, we completely forgot about announcing our Series A equity & debt capital raise from Positive Sum, co-founded by Patrick O’Shaughnessy and Sam Cates, MS&AD Ventures, led by Jon Soberg, and Nathan Vellayan at Triplepoint Capital.
We may have forgotten to announce our Series A, but we’d like to remind all of our future customers that we…
- Make or source any physical product (Manufacturing),
- Buy goods on extended terms; get paid up to 120 days earlier against receivables (Finance),
- Sell your product across multiple channels and geographies (Distribution).