Enjoy Inc. has announced that it has secured a significant investment from LCH Partners, L Catterton’s new consumer technology platform.
This Series C growth round brings the total investment in Enjoy, which launched in May 2015, to more than $350 million. Other previous investors include Riverwood Capital, Stamos Capital, Kleiner Perkins, Highland Capital, and Oak Capital Management. The capital raise will be used to accelerate innovation and international growth. The company also announced that it will serve over 80% of UK households in 2020 with Enjoy Partner, EE, a British mobile network operator and part of British Telecom Group.
Enjoy has pioneered a new channel for premiere companies – the on-demand Mobile Store. The mobile retail platform pairs the convenience of online commerce with the confidence of a physical store, by delivering the on-demand store to the customer’s home with a trained Expert. Enjoy has established tightly integrated, strategic partnerships with leading providers such as AT&T, EE, Google, and Sonos. With each of these partner companies, Enjoy is a feature that customers can select at checkout and is fully integrated with retail locations and call centers. The customers who purchase products with an Enjoy Partner can elect to have expert delivery and set up, often the same day, free of charge with the ability to purchase additional product solutions, just as they would in a physical store.
“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. “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.”
“By extending the retail experience to the customer’s home with a team of on-the-go, full-time employee experts, Enjoy has a tremendous opportunity within the evolving, connected, and increasingly personalized retail landscape,” said Michael Chu, global co-CEO of L Catterton. “Ron and the Enjoy team have built an incredible next-generation retail format, positioned to capture the generational shift in purchases toward digital orders and home delivery. We look forward to supporting Enjoy as they build on their vision to bring more products to life on-demand for more consumers around the world.”
With the expansion plans announced today, Enjoy now operates in more than 54 US markets, covering more than 50% of the US population, and will be available in 11 markets in the UK, covering more than 60% of the UK population, by the end of 2019. In 2020, Enjoy will be available to 80% of the UK population. Plans are also underway to expand to one more country this year and additional countries in 2020.
“At EE we’re always working to provide our customers the best, most personal, and local service to match the UK’s biggest and fastest mobile network,” said Marc Allera, CEO of BT’s Consumer Division. “By partnering with Enjoy, we’re able to offer our customers a unique superfast, super-flexible, personal delivery service, complete with on-the-spot expert set-up – ensuring they get the best smartphone experience, and we’re now making this available to even more customers across the UK.”
LCH is L Catterton’s seventh fund strategy and invests in fast-growing companies at the intersection of consumer and technology. As part of more than 200 investments in leading consumer brands over the past 30 years, L Catterton has significant experience investing globally in leading consumer technology companies including Peloton, ThirdLove, Vroom and Cellular Line.