Croissant, a digital commerce platform dual-headquartered in New York and Tennessee, announced $28 million in new capital. The raise includes a $14 million equity investment from investors including Portage, Third Prime and George Roberts alongside $14 million in debt financing.
“For brands, customer acquisition costs are rising, and loyalty is fragile. For shoppers, purchasing higher quality goods that retain value is the smartest financial and lifestyle decision — but hasn’t been adequately incentivized to date. Croissant connects those dots,” John Howard, Croissant’s CEO and founder, said in a statement. “We drive high-intent demand to brands, reward customers for shopping and reselling, and create a healthier cycle of commerce.”
Croissant has driven over $50 million in gross merchandise volume across more than 100,000 users to date. The new capital enables the company to scale its platform that comprises new customer acquisition, increased lifetime value and operation financing for brands. Croissant will invest in acquiring new shoppers and pre-funding demand for its brand partners based on how much Croissant predicts shoppers will spend.
