Tool King rebrands as Tonzof after fundraising was finalized in February and plans to launch a new e-commerce shopping site later this year.
After 35 years of multichannel distribution, prominent online retailer Tool King successfully completed its equity capital raise in mid-February for an undisclosed amount. Aspenwood Capital of Denver was the investment banker on the transaction. The company has also revealed it will now operate as a C corporation under the new, more-inclusive Tonzof brand name.
Tool King opened its selling platform to manufacturers and distributors of various product categories in Q2 2012 after experiencing phenomenal growth with its proprietary Facilitail E-commerce Solution. The Facilitail platform easily allows product suppliers to sell goods on multiple online shopping sites via a single interface.
“We received an overwhelming response from tons of investors about our exciting new business model. Aspenwood Capital was able to match us with the right investment partners who’ve been extremely receptive and enthusiastic about our value proposition,” said Mr. Don Cohen, Chairman and CEO. “We’ll continue to be a disruptive force in e-commerce now that we have the capital to fuel our current and future growth initiatives.”
While Tonzof engages in a transition year, the company plans to launch a new multi-category “super mall” shopping website before the 2014 holiday season. Other plans include continuing expansion of supplier services, increasing human resources, moving to a new corporate office and developing the next version of the Facilitail E-commerce Solution.
Tonzof (www.Tonzof.com) of Lakewood, Colo., is an online retailer in addition to being a provider of Web-based marketplace management, website development and premium marketing solutions. Tonzof has been recognized by Inc. magazine, Internet Retailer, Home Channel News and other media outlets under the Tool King (www.ToolKing.com) brand name. Today, Tonzof sells more than 500,000 items and strives to simplify the online shopping experience for all.
About Aspenwood Capital
Aspenwood Capital (www.AspenwoodCapital.com) of Denver, a division of Halen Capital Management, Inc (member FINRA / SIPC), specializes in providing investment banking services to small-cap public issuers and late-stage private companies.
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