The Stable, a two-year-old Minneapolis consumer marketing agency, is expanding its business and to Seattle, thanks to a $4 million equity infusion by Fargo-based Gen7 Investments.
CEO Chad Hetherington said the 25-person consumer-brand business that works with the likes of Ring, Califia Farms and Gorilla Glue, said the funds will help The Stable "reinvent the traditional broker model by going after new channels of distribution including social and e-commerce."
Said Hetherington: "Our role over the next few years is to position the agency to support our brand partners across all platforms.
"Most brands work through retail and Amazon. The new trend is brands partnering with Instagram, Facebook, Twitter… and to use those platforms to sell to the public. Our role is to play in the space and help those brands be successful [through] cross-platform reprensentation."
Gen7 launched earlier this year with capital from Forum Communications Co, a media company that owns the Fargo Forum and other properties. Gen7 has invested in several fast-growing software companies, and plans to continue diversifying its portfolio.
"We believe that The Stable's business model is uniquely qualified for the changing retail environment, and their rapid growth over the past two years is indicative of the substantial value they provide to the firms they represent," said CEO Bill Marcil Jr of Forum and Gen7. "The opportunity to partner with their team to help facilitate their continued growth is something that we are very excited about."
Hetherington said the company will double its unspecified revenue this year over that of 2016.
The Stable's owners also include Hetherington and three other employee-partners.
Before 2015, Hetherington was head of sales for Quirky. It helps inventors take products to market.