US-based Flower’s House Group announces that they’ve been recruited to join the Fall 2022 Cohort Series A Program by Newchip Accelerator, based out of Austin, Texas.
Flower’s House Group has been recruited to join Newchip Accelerator’s prestigious Series A Program cohort. Flower’s House Group aims to disrupt the global flower industry by consolidating every step of the supply chain and triangulating all POS to deliver an exceptional mobile-first customer experience. This lowers inefficiencies, delays, and quality claims, currently present in the global flower chain. In the works is a mobile app to sell all flowers, for brokers, wholesalers, and florists. First in the US & Canada, then worldwide.
According to the company, financial technology services and financial literacy products will be added to the app to address the urgent needs the industry has for alternative credit scoring and access to financial services. The industry’s approach to finances is notoriously outdated, with many clients relying on in-store loans or personal credit cards to access products. Due to this, the company is digitizing its current B2B BNPL credit offering for long-standing clients and generating an alternative credit score for new customers who are registered flower retailers.
“We are thrilled to form part of this 6-month program with incredible mentors. We are excited to see what the future will bring with this new partnership.” CEO and partner Luis Cadavid commented. He also added, that, “nothing is more important than the financial well-being of our customers. So that when they need it, they can access buy now pay later products or the resources they need to grow their business.” Cadavid has led the company’s global expansion.
According to a recent report by Global Industry Analyst, Inc, competition for the global cut flower industry is expected to become more severe. Rapid innovators with insider knowledge of the industry will have an unfair advantage over newcomers or other competitors who only control a section of the supply chain. Furthermore, the opportunity for growth is immense given that, in contrast to other retail markets, middle-aged and above demographic segments are among the largest users of e-commerce platforms when shopping for flowers.
The Flower’s House Group is a global B2B flower distribution company. They have offices in Quito, Miami, Las Vegas, Amsterdam, and Calgary. The company has been bootstrapped until now. Current partners provided the funding for its Pre-Seed and Seed Rounds. Their valuation has yet to be disclosed. Over the years, the company has consolidated labor-intensive operations and benefited from economies of scale. Flower’s House Group has over 200 repeat global clients with millions of dollars in revenue; 90% are long-standing orders through periodical flower subscriptions.