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San Mateo, CA : Aug 7, 2006
The Betty Mills Company Announces the Closing of a Successful Round of Financing
San Mateo, CA (Aug 7, 2006): The Betty Mills Company, the nation's largest online reseller of janitorial supplies and outdoor storage products, today announced the closing of a successful round of financing by several strategic private investors. Betty Mills does not disclose details about the fundraising. However, approximately $1 million was taken in as equity financing.
In addition to providing working capital, building infrastructure and funding company growth, the funds will be used to aggressively acquire more customers, as buyers of janitorial supplies are now migrating almost all of their purchases over the Internet. Betty Mills' private investors have substantial experience in both the janitorial supplies and services business, and their expertise will be a valuable resource as the company seeks to further secure their leadership position in the marketplace.
The company, located in San Mateo, CA, was founded in 2002 by two Silicon Valley veteran entrepreneurs, Victor Hanna and David Schulhof. Mr. Hanna and Mr. Schulhof's mission was to aggregate the demand for janitorial supplies in a highly fragmented industry. Today, the company has over 52,000 products shipped from over 55 national warehouse locations. Betty Mills has approximately 70,000 loyal customers consisting primarily of business, education and government accounts.
The Betty Mills Company is privately held and does not disclose revenue information. However, the company has been growing at an annualized rate of approximately 100%, and in 2005, it surpassed the $10MM revenue milestone.
About Mr. Hanna
Victor Hanna has founded a number of technology startup ventures in the past. He was also a member of the 4-person startup team at Onsale.com where he spent 6 years as a Vice President. Onsale.com grew to over $500MM in annualized revenue as a public entity, with over 750 employees, and was the pioneer of online auctions on the Internet. The company later merged with Egghead.com.
About Mr. Schulhof
Mr. Schulhof has 20 years of success managing start-up ventures. He started 4 successful companies prior to Betty Mills, 3 of which were marketing/distribution companies that got later acquired by public companies. Mr. Schulhof was recognized as one of the Top Entrepreneurs in the U.S. by Success magazine.
For press related questions regarding The Betty Mills Company, please contact Eszter Szikora at (650)440-9573.
Contact:
The Betty Mills Company
Eszter Szikora, 650-440-9573
eszter@bettymills.com
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