Hubba has raised a sizeable Series B round. The business network for retailers secured “close to” $45 million, suggests The Wall Street Journal, in a round led by Goldman Sachs Investment Partners with additional participation from existing investors Real Ventures, Kensington Venture Fund and Brightspark Ventures.
With a network of 40,000 companies, Toronto’s Hubba facilitates thousands of commercial connections daily and has become a prevalent online destination for brands to showcase their products to retail buyers and for retail buyers to discover new brands.
“We have seen remarkable growth of our network in 2016,” says Ben Zifkin, CEO of Hubba. “This is a huge testament to Hubba’s community of quality brands and the value they capture from being on our network.”
Hubba says it will use the proceeds of the Series B funding round “to provide even greater value for its community members.”
“We are seeing seismic shifts in the world of commerce,” says Ian Friedman, co-head of the Venture Capital and Growth Equity team at Goldman Sachs Investment Partners. “We believe Hubba’s centrality in facilitating this discovery process positions them well to become the leading trusted platform enabling interactions between brands, retailers and influencers.”
Hubba raised a seed round in 2014 and in 2015 raised a Series A round.