Bespoke Post, a monthly subscription delivery service, has raised $8 million in venture funding, according to news from TechCrunch. Most recently, the company received $6 million of that funding in a Series A round.
Launched in 2012, the firm delivers a subscription box targeted at “the modern man,” which features products in the style, travel and alcohol categories. Despite existing for five years, CEO and Co-Founder Rishi Prabhu explained that the company has been “really lean” and “slightly under the radar” until now.
Prabhu stated that 93 percent of subscribers to the artisanal brand are men. Women are welcome to sign up, but the CEO said he sees that number as “a good sign,” according to TechCrunch.
“We’ve somehow figured out that key male demographic,” he said.
Unlike other subscription box offerings, like the geek-centric Loot Crate or makeup delivery service Birchbox, Bespoke Post doesn’t focus exclusively on a single product category, instead emphasizing “artisanal brands.”
Subscribers receive a box suggestion each month, and they can choose from a range of 10 to 20 possible boxes without having to commit to a purchase. Each box is listed at $45, but the retail value of the products inside is “north of $75,” Rishi Prabhu assured TechCrunch.
The number and range of subscription boxes available to consumers has been growing. As of April 2017, the websites of subscription box companies were receiving more than 37 million visitors monthly, 800 percent more than in 2014. As of August 2017, there were 5.7 million subscribers to various subscription boxes in the United States alone.
Not confined to eCommerce, subscription box suppliers have been moving into traditional retail, as well. In August, Target announced it had entered a partnership with pet-focused subscription service Barkbox’s parent company to bring its line of pet toys and treats to brick-and-mortar stores.