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The Caravan-Clearco deal aligns industry leaders from the worlds of entertainment and growth capital, working to develop an ecosystem that connects the brand and business-building efforts of entrepreneurial celebrities with world-class founders.
FREMONT, CA: Clearco (formerly Clearbanc), the world's largest e-commerce investor, revolutionizing the way founders grow their businesses, announced an exclusive partnership with Caravan (formerly Creative Labs), a joint venture with leading entertainment and sports agency Creative Artists Agency (CAA). Central to the partnership is the formation of a first-of-its-kind US $50M fund, which will provide non-dilutive capital to entrepreneurial businesses that harness the power of celebrities and their audiences to accelerate growth.
The fund will enable strategic partnerships between celebrities/talent and founders looking to build transformational companies, accelerate the awareness and growth of these brands and businesses, and provide access to capital.
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The first Caravan-backed business to receive funding is fit52, a community-powered fitness and wellness platform launched in partnership with award-winning artist and entrepreneur Carrie Underwood in early 2020. The funds will be used to accelerate the popular workout app's continued growth.
"This deal is groundbreaking for Caravan for several reasons. It allows us to bring companies to market at a rapid pace without the dilution challenges of traditional venture capital," said Leonard Brody, Co-Founder and Executive Chair of Caravan. "This partnership takes advantage of the data possessed by both parties to identify the best opportunities to double down on unique celebrity-driven businesses that are positioned for rapid growth."
In addition to providing resources to Caravan portfolio companies, the partnership will identify opportunities to connect existing Clearco founders with celebrities to further accelerate the growth of their companies and brands.
"We are always looking for new and unique ways to give founders not only the capital they need to scale, but the products and services they may not have been able to access without support," commented Andrew D'Souza, Co-Founder and CEO of Clearco. "CAA's roster of talent will allow us to match our founders with celebrities who can become partners and help accelerate the growth of their brands, without founders sacrificing ownership or equity."
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