Growth equity fund Scope partners with Happy Plugs
Scope will add a scalable platform supporting sustainable brand growth and presence, further enhancing Happy Plugs' expansion internationally
Happy Plugs (brand for fashion tech creating consumer electronics accessories) announced their partnership with Scope, a growth equity fund. Scope will add a scalable platform supporting sustainable brand growth and presence, further enhancing Happy Plugs' expansion internationally.
"Things have just sky rocketed since day one. It has been an incredible journey and we've developed the company to meet its strong growth. It was time to take the Happy Plugs brands to the next level towards building a global fashion electronics powerhouse and teaming up with Scope will give us the resources to execute our plan. This partnership comes at a time when it makes sense to turbo charge the marketing platform we fought hard to establish," says CEO and Founder Andreas Vural of Happy Plugs.
Happy Plugs was founded in 2011 by CEO Andreas Vural and has rapidly grown into a strong fashion electronics brand. With physical distribution in 70 countries through over 10,000 outlets worldwide, Happy Plugs reached sales of 115 million SEK in 2016 with an average annual growth rate of 62 percent over the last four years. Happy Plugs is headquartered in Stockholm with offices in Hong Kong, Helsinki and Vancouver.
Happy Plugs' mission is to transform the consumer electronics industry by merging innovative design, fashion and technology while turning essential tech accessories into fashion 'must-haves.' Original shareholders, including Andreas Vural, will remain owners of Happy Plugs.
"We have followed Happy Plugs progress for some time now and we are very impressed by what Andreas has achieved. By adding fashion to consumer electronics accessories, he has created a very solid concept and highly scalable business opportunity. We are very excited and look forward to working with Andreas and his team to take Happy Plugs to the next level," says Andreas Ossmark, partner at Scope.