Scoop: The founders of PopSugar raise $33 million for their second VC fund, and launch a bespoke investment bank to advise startups on M&A
Brian and Lisa Sugar, the married founders of PopSugar, have raised a second venture capital fund.The couple is also seeding a new boutique investment bank to advise startups on M&A deals.Now Brian and Lisa Sugar, the husband-and-wife duo that founded the digital publishing company, PopSugar, have raised $33 million for a second venture fund to invest in the"picks and shovels" of retail, Insider has learned.
The eponymous firm, Sugar Capital, began to raise the sophomore fund a year ago, from backers including Bain Capital and Pritzker Group Venture Capital, and closed in May,told Insider. Its plans to invest in the future of commerce, growing a portfolio of tech and retail darlings such as Afterpay, Everlane, MrBeast's Feastables, and Olive & June.
The Sugars are also taking the wraps off a new boutique investment bank, Avid Capital Advisors, to assist startups with the sale of their businesses. Founded in January, Avid will represent mostly consumer brands and software developers on the sell side as they pursue a merger with a larger business or an acquisition, according to Sugar.
The startup ecosystem could see a flood of merger and acquisition deals as capital becomes scarce, particularly for mature startups. According to PitchBook data, venture
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