Eleven James Completes $30 Million Additional Capital Raise
From the Robb Report Luxury Newswire
NEW YORK, NY (Jan. 10, 2017) – Eleven James™ Inc., the company revolutionizing the luxury goods market with its pioneering “Discover, Experience and Share” platform that optimizes access, variety and value in luxury consumption, announced today that it has successfully completed debt and equity fundraising efforts providing up to $30 million of additional capital. Since its inception in 2013, Eleven James has raised over $40 million. Randy Brandoff, Founder & CEO of Eleven James, made the announcement following the company’s most successful fourth quarter to-date, during which Eleven James launched its Women’s Collection.
The company will prioritize using its new funds to expand its luxury timepiece collection, enhance its personalized member experience, as well as scale technology and infrastructure to support continued growth. With this capital raise, Eleven James is poised to provide members with access to one of the largest watch collections in the world.
Of the $30 million in committed capital, $20 million is in the form of a credit facility from Great American Capital Partners, LLC (GACP), a wholly owned subsidiary of B. Riley Financial, Inc. (NASDAQ: RILY), which provides asset-based debt opportunities for middle market companies. The remaining $10 million is in the form of a Series A-1 equity financing led by existing investors and management, for which the company has completed the initial closing of approximately $9 million.
“Eleven James is at the forefront of the luxury consumer evolution – where luxury is no longer defined by the traditional ‘buy and hold’ model, but rather by a new paradigm of multiple ‘experiences and memories’,” said Brandoff. “The successful capital raise validates Eleven James’ business model, affirms its commitment to top-notch management, internal systems and controls, and firmly establishes our position as a leader in democratizing access to luxury goods and experiences. Eleven James provides personalized, technology-enabled solutions that prioritize access, service, community and financial flexibility as never before.”
Olivier Reza, Eleven James Chairman, added, “In 2016, Eleven James made great strides in expanding and strengthening its team and infrastructure, scaling its product offerings and inventory, and elevating the trajectory of its business. It continues to demonstrate its resonance with both emerging luxury consumers and mature but increasingly disillusioned consumers alike. Now that we have secured the requisite financial resources, Eleven James is empowered to realize its vision of becoming the ultimate destination for a new, modern era in luxury experience.”
John Ahn, President of GACP commented, “At this stage and with this compelling asset class, Eleven James and GACP are well suited for each other. We are excited to partner with Eleven James and to play an important role in its continued growth and success.”
EA Markets Securities LLC acted as the exclusive financial advisor and placement agent to Eleven James on the debt transaction.
ABOUT ELEVEN JAMES:
Eleven James™ Inc. is a pioneering experience platform that provides Dynamic AccessTM – “Discover, Experience and Share” - to an unrivaled collection of luxury timepieces. Members also have access to a myriad of personalized benefits and services, as well as exclusive events and experiences. For further information on individual and corporate membership options, please visit www.ElevenJames.com or call 855-ELEVEN-J (855-353-8365).
This press release contains forward-looking statements that are based on the current expectations of management. Forward-looking statements (identified by words such as “will,” “expect,” “anticipate” and “intend”) are subject to risks, trends and uncertainties that could cause actual results to differ materially and such statements should be evaluated with the understanding of their inherent uncertainty.