Benchmark Capital exits eBags
eBags announced on December 3, 2015, Benchmark Capital sold its stake in the company. Mike Edwards, eBags President and CEO, and Peter Cobb, eBags co-founder and EVP, have purchased a portion of Benchmark’s shares. The two executives were joined in the purchase by additional investors, Saints Capital and Willowridge Partners, Inc. The noted Silicon Valley venture capital firm, Benchmark Capital, had invested in the only two funding rounds eBags ever offered, both in 1999.
Edwards said, “eBags has earned a leadership position in the online travel goods and accessories category and I am so confident in our growth potential that I jumped at the chance to increase my ownership in the company. I intend to lead the company to continued and greater success.”
eBags co-founder and Shop.org Chairman Peter Cobb added to his stake in the company and joined the company’s Board of Directors. Cobb, who helped start the company in 1998, has played a pivotal role in building the online retailer that has sold over 24 million bags since inception. Cobb commented, “Just like when we started, I know that eBags wins by focusing on delivering the ultimate shopping experience for those seeking the perfect bag. And with mobile, technology advancements, and declining brick and mortar stores in the bag category, eBags will thrive.”
The company also announced that all four Cyber Weekend days (Fri/Sat/Sun/Mon) were record sales days at eBags, and Cyber Monday was the highest sales day in the company’s history. eBags credits its holiday kickoff success to partnering with brands to offer exclusive deals, strong demand for eBags branded product, and a commitment to the mobile site experience which saw huge sales gains.