Fabulous Brands, a Miami-based luxury growth capital fund, is raising $50 million for its new fund.
The fund will invest $500,000 to $1.5 million in seed rounds in fashion and apparel, home, hospitality and food, and health and beauty startups.
Eric Lepleux and Matthew Growney launched the private equity firm in 2016 as managing partners with the aim of giving young brands in the pre-funding phase the resources they need to thrive in a investment environment that favors later stage companies.
“[Fabulous Brands invests] in the young brands of tomorrow that are already providing a truly authentic story and have already reached some financial milestone,” Growney told Leanluxe. “All of our companies are at or near profitability. We don’t invest in dollar one.”
Fabulous Brands portfolio of fashion and lifestyle brands includes Naadam, Wanderset and True Botanicals.