Florida Funders, a hybrid of a venture capital fund and an angel investor network that’s recognized as the top VC in the Southeast region by Pitchbook, announced its funding in OTHRSource LLC, a leader in providing cost-effective, gig-based, on-demand in-store support services to the 80,000+ and growing emerging food and beverage industry.
OTHRSource was designed to help emerging brands not just survive, but thrive in retail markets. OTHRSouce does this by providing affordable in-store support/merchandising services such as price checking, restocking, and strives to make products look great on the shelf. Florida Funders has committed $150K from Fund 1 into this round of funding, following their initial investment of $400K into the company in February of 2020.
With the funds, OTHRSource will be able to obtain new partnerships through increased retailer alliances and marketing to drive new leads from 25 per week to 100+ per week. Additionally, funds will be used to hire a VP of Sales and expand the sales team as well as fund the developments in the company’s technology.
“OTHRSource was created by passionate retail veterans, and they’re on a clear path towards success. Their revenue has been on a steady upward truant since our initial investment, with an average quarterly growth of over 100% in 2020,” said Tom Wallace, Managing Partner at Florida Funders. “Needless to say, we’re excited by the fact that we will continue to partner with them moving forward.”
The way OTHRSource works with brands is:
- Brands first request OTHRSource to merchandise specific store locations.
- OTHRSource then employs creative individuals, known as “Brand Helpers” via the OTHRSource App to help with the execution.
- The brand then pays OTHRSource the agreed amount of money per merchandised event.
- Finally, OTHRSource pays the “Brand Helpers” per merchandised event at each store they participate at.
“What sets us apart is that our team has ample experience in the field and understands the unique challenges faced by emerging brands, such as how to best lend our support in merchandising, ecommerce, digital, content and data analysis,” said Mark Feinberg, CEO at OTHRSource. “We’ve been able to stay ahead of the competition by conducting industry analysis and then focusing on custom solutions for the unique challenges each brand faces.”
The company has branded itself as “the Uber of in-store support” by offering national coverage whenever and wherever a brand needs it, successfully differentiating themselves from their outdated, slow-moving competitors that often come with large minimums and annual contracts. Additionally, OTHRSource offers store-level recommendations based on services data and sales in order to solve brands’ unique challenges.
OTHRSource has a proven track record with emerging brands such as Roar Beverages, Blue Moose Spreads, Goodwipes, Mother Kombucha, Once Upon A Farm, and many others.
OTHRSource is also about to announce an exciting partnership with a very well known leader (and name) in the CBD/Cannabis space to focus on the growing opportunity in that space and also a large national home improvement chain.
Florida Funders is constantly and actively looking to grow and add investors to their network. They are hard at work seeking new investment opportunities.
For More Information:
https://www.floridafunders.com/