For Peter Cobb, co-founder and EVP of eBags, and Mike Edwards, eBags President and CEO, they have placed their faith and dollars in their successful online company after they purchased a portion of Benchmark Capital’s ownership shares. Cobb and Edwards fully believe in the 17-year-old brand and, more importantly, in the future of customer loyalty to its online business.
Earlier this month, in the wake of a phenomenal Thanksgiving weekend kickoff to its holiday season, eBags announced Benchmark Capital sold its stake in the company. Edwards and Cobb 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.
“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,” said Edwards. “I intend to lead the company to continued and greater success.”
Cobb told Loyalty360 that, in this time of startups raising millions form VCs to fund their businesses, “two eBags executives are placing bets on the future of ecommerce by buying out Benchmark Capital, their VC partner of 17 years. This just does not happen in today’s startup world.”
Cobb helped start eBags in 1998 and joined the company’s Board of Directors. Cobb has played a pivotal role in building the online retailer that has sold more than 24 million bags since inception.
“Just like when we started, I know that eBags wins by focusing on delivering the ultimate shopping experience for those seeking the perfect bag,” Cobb said. “And with mobile, technology advancements, and declining brick and mortar stores in the bag category, eBags will thrive.”
eBags is the leading online retailer of handbags, luggage, backpacks, and accessories. With more than 24 million bags sold and more than 3.2 million customer reviews, eBags features 67,000 products from 550 brands, including Michael Kors, kate spade, Fossil, Tumi, JanSport, Vera Bradley, Nike, and its own best-selling brand.