Enjoy, the e-commerce startup led by former Apple VP of retail operations, Ron Johnson, has raised an additional $150 million in Series C funding from L Catterton’s new consumer technology platform, LCH Partners. The funds will be used to fuel Enjoy’s U.K. expansion and other international growth. The startup is also today launching a partnership with British mobile network operator EE, which will allow the company to serve over 80% of U.K. households by 2020.
The company announced the funding but not the size of the round. An SEC filing shows $150 million was offered, but only half had closed. However, a source familiar with the round confirmed $150 million had been raised.
The new growth funding brings Enjoy’s total raise to date to $350 million, following its May 2015 launch. Prior investors include Riverwood Capital, Stamos Capital, Kleiner Perkins, Highland Capital and Oak Capital Management.
Having spent more than a decade at Apple, Johnson is best known for pioneering the concept of Apple’s retail stores and Genius Bar. He previously held an executive position at Target as VP of Merchandising and, following Apple, had a less successful run as J.C. Penney’s CEO, which led to his ouster. (Though in hindsight, it’s been argued that J.C. Penney should have just stuck with his plan, after all.)
With Silicon Valley-based Enjoy, Johnson combined the convenience of online shopping with the personal service that comes from shopping in a physical, brick-and-mortar store and the help you’d receive at Genius Bar, for example.
As Johnson explained around the time of launch, the goal was to figure out how to provide personal service to those who want to buy online.
“One of the observations from my time at Apple is that Apple makes the easiest to use products on the planet, but look at how busy the stores are with people asking questions and needing help. So what about the rest? How do you deliver help in this digital world we live in?,” he said, during an interview at TechCrunch Disrupt 2015.
Through partnerships with other companies, including AT&T, Sonos, Google and now EE, Enjoy creates an online mobile store where customers can shop for devices and receive same-day delivery. They also can opt to have an Enjoy expert deliver the item and help them get set up, free of charge.
Enjoy generates its revenue from its business partners, who pay to have their products sold through an online storefront. Enjoy then returns information like what sort of challenges customers face with their setups, and help to reduce calls to tech support while also increasing brand loyalty.
“One of the highlights of my retail career was creating a new channel for Apple customers, which was the Apple Retail Store,” said Ron Johnson, CEO and co-founder of Enjoy, in a statement. “Now I get to do it again by creating the mobile retail store for not just one company, but for many great companies around the world. As we look to drive the next phase of our growth, L Catterton was a natural choice as our partner, given their expertise in building consumer and technology brands on a global scale.”
Including today’s expansion by way of its EE partnership, Enjoy now operates in more than 54 U.S. markets and covers more than 50% of the U.S. population, and will be offered in 11 U.K. markets, covering more than 60% of the population, by year-end. As of 2020, it will reach 80% of the U.K. population.
The company also plans to expand to at least one other country this year, and additional countries in 2020.
Source: TechCrunch
