Trans World Entertainment has named Spokane entrepreneur Tom Simpson to its board of directors and secured additional investor financing for its Spokane Valley-based subsidiary etailz.
Trans World announced Tuesday it obtained $5.2 million in financing for etailz from investors led by Alimco Financial Corp.
Simpson, who co-founded etailz with Josh and Sarah Neblett in 2008, is joining Trans World’s board of directors as part of the financing agreement. He was executive chairman for the local company until Trans World acquired it in 2016.
“I am honored to rejoin the company I co-founded and to work closely with the entrepreneurial etailz team to achieve its objectives,” Simpson said in a statement.
Simpson is president of the Spokane Angel Alliance, managing member of Kick-Start angel investment funds and serves on the boards of GenPrime, Medcurity, Spiceology, Stay Alfred and Colville-based Vaagen Timbers.
Trans World, after selling its For Your Entertainment segment in February to a subsidiary of Sunrise Records and Entertainment, indicated it’s focusing “exclusively on the growth and success of etailz.”
Etailz secured $25 million in debt financing in February to develop new products, expand inventory and grow retail partnerships.
“Combined with our incredible team and partners and the exclusive focus of our board, etailz is well positioned to become the leader in marketplace software and services,” etailz CEO Kunal Chopra said in a statement.
Chopra, who has executive experience with Microsoft, Amazon and Groupon, assumed the role of CEO after Neblett resigned last year.
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