Downtown baby products firm receives $20 million investment
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A local juvenile products company has just gotten a hefty financial boost from a company founded by a presidential candidate.
Downtown-based Thorley Industries LLC, which operates as 4Moms, announced Wednesday that it received a $20 million investment from Boston-based venture firm Bain Venture Capitals. Bain Capital Venturesis the venture arm of Bain Capital, which was founded by Republican presidential candidate Mitt Romney. The funding will go toward product development and operations infrastructure.
Co-founder and chief technology officer Henry Thorne said the company planned on raising capital in the fall to help launch its Origami baby stroller internationally and its Breeze baby play yard in the United States. He said the company told a handful of venture firms about their plans and Bain jumped at the opportunity.
"Uniquely, Bain went ahead and did a great deal of research right away," he wrote in an email response. "While they were deciding they believed in our third quarter and didn't need to wait for the proof, we were deciding that they were incredibly hard working and bright guys that we'd like to work with, so we struck the deal two quarters earlier than we planned."
Mr. Thorne said he cannot disclose terms behind the deal but confirmed that it did not include bringing Bain employees on to the local management team.
First Published August 10, 2012 12:00 am