Leesburg-based SWaN & Legend Venture Partners is among the investor groups providing $9 million in additional venture funding to Framebridge, an online custom framing startup.
The latest investment follows the company’s opening of a hi-tech framing facility in Richmond, KY. In addition to support from SWaN & Legend Venture Partners, existing investors New Enterprise Associates and Revolution Ventures contributed to the funding. SWaN & Legend Managing Director Fred Schaufeld will join the Framebridge board of directors.
“We were attracted to how Framebridge has reinvigorated the custom framing industry and its demonstrated success at an early stage,” Schaufeld said in a statement. “The company has shown significant customer growth and operational improvements, while remaining focused on delivering a top-notch customer experience. It is the type of company we look for when we make funding decisions. It fills a market need with very affordable pricing for custom framing, great operational support and potential for incredible growth.”
The new 100,000-square-foot production facility will immediately increase Framebridge’s operational capacity six-fold, as well as make delivery times more efficient throughout the United States, eliminating multiple days in transit to specific regions. The studio will feature increased automation and workflow enhancements, all powered by Joinery, Framebridge’s proprietary production software. The facility is expected to create over 75 new local jobs by the end of the year and opens in time to meet an expected increase in customer orders driven by Mother’s Day.
The $9M in additional funding brings the company’s total capital raised to over $20M in less than two years of operations. Framebridge has 100 employees with the expansion, and will continue to operate its framing studio in Lanham, MD, near the company’s Washington, DC, headquarters.