Kittle's Investing in E-commerce Startup
Two Indianapolis-based furniture retailers are teaming up. Kittle's Furniture and e-commerce retailer Parker Gwen have announced a strategic partnership agreement they say will accelerate the "already rapid growth" of Parker Gwen.
Parker Gwen was founded in late 2017 and is on pace to more than double its sales volume from 2018, according to Kittle's. As part of the agreement, Kittle's says it will make a "significant investment" in the startup and the company's principals will provide initial seed capital as Parker Gwen prepares for a seed round of funding.
"Our investments in Parker Gwen will allow Kittle’s to immediately tap the potential of the e-commerce channel," said Kittle's Chairman Jim Kittle. "The Parker Gwen folks are a great cultural fit, and they have accomplished so much in such a short time, we are excited to be working with them. Together we think the potential of Parker Gwen increases exponentially."
Parker Gwen plans to hire new staff as a result of the company's growth, though specific numbers were not provided. Chief Executive Officer Matthew Phillips says the partnership with Kittle's will allow his company to advance its mission.
The digital retailer serves the entire continental U.S.