BabyQuip secures over $3 million in funding to help families ‘travel light and happy’
SANTA FE, New Mexico–(BUSINESS WIRE)–BabyQuip, the leading baby equipment rental marketplace, today announced the closing of $3.4 million in new funding. BabyQuip provides clean, insured, quality gear to families on the go in over 900 locations across the United States, Canada, and beyond. This latest seed round includes How Women Invest, Thorney Investment Group (an investor in previous rounds) and individual investors through the crowdfunding platform, SeedInvest, among others.
The funding will accelerate international expansion plans, including capturing key travel markets in Mexico and the Caribbean, new hotel partnerships and expanding its network of independent contractors, known as Quality Suppliers. BabyQuip will also use the capital to fuel product and technology innovation, including a mobile app for customers, expansion into new services and enhancements to its robust proprietary technology platform.
Launched in 2016, BabyQuip is the only nationwide baby equipment rental marketplace and has far outpaced competitors, primarily regional businesses and moms. Founded by Fran Maier, co-founder of Match and founder of TrustArc (formerly TRUSTe), BabyQuip gives families access to trusted baby gear through the popular sharing economy model. The platform is powered by its quality vendors (mostly moms) who use their own inventory to build, launch and grow their baby gear rental businesses, leveraging the proprietary platform and leveraging on BabyQuip’s branding and marketing expertise. BabyQuip now has over 1,000 quality suppliers and continues to expand its community of quality suppliers at a time when many businesses are struggling to add and retain their workforce.
Leveraging the booming travel industry and growing consumer convenience with the sharing economy, BabyQuip debuted on the 2022 a16z Marketplace 100 list, at No. 89 – the list is a ranking of the most large startups and private market companies in contact with consumers. on 2021 data. Growth continues with BabyQuip’s Q1 2022 bookings up 235% from Q1 2021. The platform maintains a Net Promoter Score of 94 and garnered over 30,000 5-star reviews.
“With this new funding, we are able to meet the growing demand for our services as families look forward to resuming travel and making memories. I am also thrilled that our quality suppliers are finding a successful gig-saving opportunity through BabyQuip that works for them and their families,” said Fran Maier, CEO of BabyQuip.
As the only national brand, the company has formed strategic partnerships with hotel companies such as Destination by Hyatt, Vrbo, AvantStay, Blueground, Xplorie, Guesty, DACK, etc. In addition to investments from How Women Invest and Thorney, over 40 quality suppliers from the BabyQuip community participated in this round of seed funding through SeedInvest.
Including this round of investment, BabyQuip’s funding raised a total of $8.5 million, demonstrating its enormous potential in the areas of parenting, travel, financial empowerment and health. ethics of the sharing economy. Investors in this and previous rounds of funding include Thorney, Startup Capital Ventures, Quake Ventures, Theresia Gouw, Jillian Manus, Kate Greer, Moai Capital, SUBARU-SBI, Rob Chestnut and other high profile angels.
“BabyQuip has the perfect combination of real traction, experienced leadership, strong partnerships and a huge addressable market without much credible competition to make our investment a no-brainer,” said Julie Castro Abrams, CEO of How Women Invest.
Alex Waislitz, Executive Chairman of Thorney, said, “We have invested in multiple rounds for BabyQuip because it meets many of our most important investment criteria: it provides a much-needed and cost-effective service for families, provides source of income and involvement for the independent suppliers who work with it, and is led by a passionate and visionary founder and team.
Rob Chestnut, BabyQuip Investor and former Airbnb General Counsel, added, “BabyQuip is a powerful idea fueled by a passionate family community. It elegantly solves the problem of how to travel with young children, without carrying all the equipment. The BabyQuip team delivers and I’m thrilled to be a part of it.
For more information, visit www.BabyQuip.com.
Founded in May 2016, BabyQuip helps families “Pack Light & Travel Happy” at over 900 locations across the United States, Canada and beyond. BabyQuip provides thousands of clean, safe, and insured baby gear items for families who don’t want to carry bulky gear on trips. Its newest service, BabyQuip Cleaning, offers professional baby gear cleaning services to families and local businesses who don’t have the time or tools to do it themselves. As a managed marketplace, the BabyQuip platform empowers its community of over 1000 quality independent vendors to build a baby gear rental and cleaning business on the BabyQuip platform. BabyQuip’s strategic partnerships include Destination by Hyatt, Vrbo, AvantStay, Blueground, Xplorie, Guesty and DACK, among others. BabyQuip appeared on ABC’s hit show, Shark Tank in March 2020. For more information, visit www.BabyQuip.com or connect @babyquip.