Published On: 13, Dec 2017 | Source: techcrunch.com
Here’s a great present for a sports fan this holiday season: Fanchest is a Brooklyn-based startup that curates and sends team-themed gift boxes as gift. The boxes start at $59 and include about $80 worth of apparel and gear from whatever pro or college team you choose.
Today the startup has announced $4M in seed funding with a diverse group of investors like New Orleans Saints quarterback Drew Brees, Denver Broncos linebacker Von Miller, Founder and CEO of the Drone Racing League Nick Horbaczeswki and more traditional VC funds like GoAhead Ventures and Connected VC. This brings them to $5.4M in total funding since starting the company in 2015.
While you won’t know what exactly is in each chest before you buy it, boxes typically include a few pieces of apparel and other themed items like Tervis Tumblers or a keychain. Each box also has a “golden ticket” which is a scratch-off game giving fans a chance to win things like signed memorabilia or game tickets.
The startup also offers different versions of each box, in case you want to get someone a repeat present for another occasion but don’t want them to get the same exact thing. They also have a youth and baby offering, and a higher priced premium version that comes with a player-signed item.
Right now you can get boxes for about 50 sports teams from throughout the NFL, NHL, NBA, MLB and some college teams. Since Fanchest doesn’t use a team’s logo itself, it doesn’t have to go through a licensing process for each team or league – meaning they can scale relatively quickly. Of course every item inside the gift box is licensed by the teams and leagues, and is sourced from over 100 officially licensed brands that the startup works with.
Fanchest plans on using the funding to help it expand to at least 25 more teams next year, as well as invest in increasing its repeat purchase rate for existing customers.