As part of their recent capital raising of over $500 million in incremental debt and equity financing, Dragonfly has also received financial support in the form of credit facility by Victory Park Capital (“VPC”). VPC is a leading global alternative investment firm that provides capital to emerging and established businesses in the US and abroad.
A major investment into Dragonfly came from the Flagship Buyout Fund of L Catterton, the largest global consumer-focused private equity firm. The primary use of the recent funding will be equity and debt financing, and mergers & acquisitions. Boston-based law firm Nutter served as legal counsel to Dragonfly Group Inc. on the property investment. Nutter’s corporate law practice handles a variety of equity and debt financings, as well as the full range of M&A and private equity transactions.
Dragonfly has been attracting large-scale investors since its founding in 2019 by CEO Philip Butler, MIT graduate and CTO Jeremy Todd, also an MIT graduate. VPC’s credit facility will help Dragonfly acquire and scale e-commerce brands more quickly and efficiently. With a focus on unique brands that customers love, their current goals are to expand into the pet, specialty and aftermarket auto accessories, and furniture sectors. Their long-term goal is to build a next-generation consumer products platform that rivals Amazon and Wayfair.
“We are proud to have the support of VPC as we continue to acquire, launch and scale great brands and build a consumer products platform that reflects the needs of a new generation of customers,” said Philip Butler, MIT graduate, CEO, and co -founder of Dragonfly. “We share with VPC a common passion for helping e-commerce founders navigate the complexity of marketplaces and grow their brands to their full potential.”
VPC has invested more than $8 billion into over 100 investments since its founding in 2007. VPC is committed to responsible investing and seeking to build a more sustainable financial system. VPC has built its foundation on funding companies with unique capital needs, offering financing solutions and capital that can be difficult to secure from traditional debt or equity investors.
Specializing in partnerships with quality businesses that are navigating strategic or operational change, VPC often operates in out-of-favor or contrarian industries. VPC frequently encounters complex situations and business plans built around non-traditional assets. A creative approach to structuring allows VPC to attempt to mitigate risk while maintaining upside optionality.
“Dragonfly’s experienced leadership team has a strong track record of rapidly scaling e-commerce businesses through product development, marketing, supply chain, and sales channel optimization,” said Don Richman, Managing Director at Victory Park Capital. “We look forward to partnering with Philip and the rest of the Dragonfly team in their pursuit of helping entrepreneurs develop and deliver exceptional products that improve people’s lives.”
Dragonfly boasts a seamless and pain-free selling process, as well as fair prices, for standout e-commerce brands. They shy away from generics, commodities, and clone companies, instead of seeking out companies that customers love and can be taken to the next level. The type of products sold is less important than the scalability of the brand. With VPC’s credit facility, Dragonfly seeks to expand its impact on brands that are making a difference in people’s lives.
Founded by entrepreneurs from Veya, one of Amazon’s top sellers, Dragonfly is a team of entrepreneurs, analysts, operators, and software engineers who have founded and scaled companies from household products to audio software. Veya was born from Butler’s inability to find an obscure textbook while in medical school; he ended up developing a revolutionary algorithmic process that connects people and products around the globe, more quickly and affordably than ever before. Veya generates over $60 million in annual revenue, and Butler and Todd have taken their passion for entrepreneurship to new levels with the creation and growth of Dragonfly.