West Palm Beach, FL, August 24, 2012 – The Comvest Group, through its debt fund, Comvest Capital II L.P., has provided a $19,000,000 Term Loan to Karmaloop, Inc. (“Karmaloop”) to refinance existing debt and provide approximately $10,000,000 in growth capital. Karmaloop is an online retailer of men’s and women’s apparel, shoes and accessories centered on “Verge Culture” and streetwear.
“Comvest was an extremely responsive partner,” said Karmaloop founder and CEO Greg Selkoe. “The teams at Karmaloop and Comvest worked diligently to close in a very tight timeframe that provided us the capital needed to continue our explosive growth through the busy fourth quarter holiday season. We asked a lot of Comvest, and they delivered.”
“Insight has been a supportive partner to Karmaloop since 2008 and we are pleased Comvest has provided this capital to support the company’s continued expansion,” said Managing Director Jeff Lieberman of Insight Venture Partners.
“Greg Selkoe has built a tremendous platform in Karmaloop and is supported by an excellent team,” said Managing Director Dan Lee of Comvest Capital. “We moved mountains together to get this done quickly, and in that process we got a sense for the great partnership we’ll have with Karmaloop.”
Founded in 1999 by Greg Selkoe, Karmaloop is an online verge culture epicenter, catering to their audience, which spans 80 countries. An online retailer of men’s and women’s street apparel, footwear, and accessories, the Company is also a multi-platform lifestyle content site and includes a Karmaloop Rep Team of over 125,000, comprised entirely of customers. Attracting more than 4.5 million unique monthly visitors, the Karmaloop, Inc. online platforms also include KarmaloopTV.com, PLNDR.com, BoylstonTradingCo.com, BrickHarbor.com, Karmaloop Europe, Kazbah Underground Brands, and MissKL.com. KarmaloopTV launched in 2008 and is set to become a 24/7 linear network via IPTV. Karmaloop.com combines the unique product selection and authenticity of boutiques with the accessibility and convenience of the Internet.
About Insight Venture Partners:
Insight Venture Partners is a leading private equity and venture capital firm focused on the global software, e-commerce, Internet and data-services industries. Founded in 1995, Insight has raised more than $5 billion and made more than 150 investments. Insight’s investment team evaluates thousands of companies globally, while Insight Onsite, a team of operations and growth experts, works with expansion-stage companies providing advice and resources to build long-term success. www.insightpartners.com.
The Comvest Group, with $1.2 billion of assets under management, provides flexible financing solutions to lower middle-market companies through its equity and debt funds, often meeting time-critical and complex funding requirements. Our firm includes seasoned, senior level operating executives who partner with managers and owners of companies to operationally improve businesses and create long-term value. Since 2000, Comvest has invested more than $1.65 billion of capital in over 11005 public and private companies. Please visit www.comvest.com.