The Bouqs plans to acquire part of the $ 6 billion Japanese flower market with strategic growth of $ 30 million this year through Japanese corporate investor Yamasa. While The Bouqs in the U.S. still has to compete with larger rivals like 1-800-Flowers and FTD, it now has to compete with established vendors like Ayoma Flower Market and FloraJapan, both of which offer same day delivery across the U.S. country rising Sun.
So why Japan? According to John Tabis, the founder and CEO of The Bouqs, his company had been looking to expand internationally for some time, and Japan seemed to fit in well with this plan.
And as far as the bigger competition in every country is concerned, Tabis can't be stopped from telling TechCrunch about it There are many options in the flower Delivery business if you know where to look. "There were four or five other startups that tried something similar – some no longer exist," said Tabis. "But what worked for us is, first, the way we sourced it, and it really is the foundation of our brand."
The bouqs were created in a wave of Silicon Valley-funded flower delivery startups like BloomThat, Farm Girl and Urban Stems, all promising Pinterest Bouquets of flowers at the push of a button. But what was special was the direct supply chain on the farm, which reduced the costs for middlemen and delivered flowers that stayed longer.
This special round now brings The Bouqs to the top in terms of total funding for its flower delivery startups, bringing in a total of $ 74 million, while Urban Stems' competitor Urban Cragsbase is in close second place with $ 27 million, according to Crunchbase lies.
Tabis tells TechCrunch that the new funds will also help the company develop into brick-and-mortar stores and that it will step into the wedding business. Anyone who has ever planned a wedding will tell you that this is a trouble-free industry – the bride and groom spend about 8% of the budget on flowers alone.
Another focus of the company will be the subscription business, where customers receive a fresh bouquet of flowers as soon as the old bouquet is ready to be thrown. "It's kind of the linchpin of our business that has grown very well. It increases both our sales and our profitability," Tabis told TechCrunch.
Yamasa's SVP, Norikazu Sano, also mentioned in a company press release that the company is continuing to expand into Asia so that we can see the bouqs in more international areas over time, if everything is OK in Japan.
“With this funding, we can fully realize our vision of creating a global network of high quality farms with a category-defining local flower brand that is supported by proprietary supply chain technology and vertically integrated procurement opportunities. We are very excited about this next phase of the business and about all the opportunities that arise, ”said Tabis.