reStage, a turnaround venture fund that invests in companies needing fresh operating expertise and capital, announced today that they will acquire Needle, a Salt Lake City-based company that provides live eCommerce chat staffed by passionate brand advocates. reStage is excited to help the company grow its unique offering that is increasingly relevant in today’s world of online-only engagement.
reStage is a venture fund launched by Denver-based Stage, a private equity group founded by Dan Frydenlund. In 2009, Frydenlund founded Stage to acquire companies in the midst of change due to economic shifts. The stage has grown substantially over the years and Frydenlund, seeing another time of economic uncertainty, decided to launch reStage with four new partners.
“We are going to see big market shifts due to COVID-19, I believe reStage is the perfect partner for companies, like Needle, who want hands-on investors with the patience and expertise to navigate growth in uncertain times,” said Frydenlund. “Needle has an excellent foundation for growth, strong technology, and their methodology for training and recruiting brand advocates is a big differentiator,” said Ingrid Alongi, reStage’s the operating partner for Needle.
The needle is a technology and service platform for e-commerce brands that utilize advocates for live chat and customer engagement. Founded in 2010, Needle has an impressive list of brands that use their service to provide a differentiated e-commerce chat experience including TaylorMade, Stuart Weitzman, Sonos, and Bare Necessities.
“We are seeing increased demand for our services as brands are rethinking their online experiences in the wake of COVID-19,” said Brandon Anderson, CEO of Needle. “Stage is bringing us the operating expertise and capital we need to improve our offerings and continue to provide our brand partners with the level of service they have come to expect.”