Florida Funders has made its latest out-of-state investment with hopes the Sunshine State can reap the benefits.
The hybrid investment firm, which combines a venture capital fund and angel investor fund, has invested an undisclosed amount into Austin-based Stylust. Stylust, founded in 2018, is a text-based shopping platform that allows items to be bought, shipped and returned, all through a text message.
“Stylust is a first-to-market platform that is disrupting and will continue to impact the $4 trillion retail sales and $2 trillion online e-commerce market,” Tom Wallace, managing partner at Florida Funders, said in a statement. “We believe that Stylust’s innovative platform coupled with the acceleration of e-commerce due to Covid-19 has positioned them to become the text commerce platform of choice for consumers and businesses for years to come.”
While the company will remain in Austin, a spokesperson told the Business Journal part of the funds will be used to hire talent in Florida.
"Text is the smartest and fastest way to shop on mobile ... Text commerce is the future of retail and we’re excited to be leading the charge,” Melissa Bridgeford, CEO and founder of Stylust, said in a statement. “We’re thrilled to partner with Florida Funders and their premier network as we expand throughout the Southeast to reach more customers and businesses, as well as gain access to the top tech talent in Florida."
Florida Funders, while always having a focus on Florida-based companies, has begun to invest across the nation, oftentimes luring those companies to either relocate or expand to the Sunshine State. In April, Florida Funders led a Series A round for an undisclosed amount for Vugo, a Minneapolis-based startup which provides ridesharing advertising and entertainment. The company will relocate to Florida thanks to the investment and is considering Tampa, Miami or Orlando for a new home base.
That same month, Florida Funders also led a seed round for Canadian company Vizetto Inc., specifically for the development of its software that allows remote teamwork to occur from anywhere in the world. While the exact amount from Florida Funders was undisclosed, the round was oversubscribed at $3 million. The company plans to open an office in Florida.
