Posted July 6th, 2011
PimpMyBroom, the most popular online broommaking and customization broom shop in the wizarding world announced that is has received a second round of funding from the Charms and Caludrons Capital Group for 2.5 millions gold pieces.
This round of funding comes after an initial investment by Charms and Cauldrons of 5.2 million gold pieces back in November 2009.
“The customized broom market is a booming industry right now,” said PimpMyBroom founder and CEO Winston Headly. “2 years ago, we weren't much more than a handful of wizards who just liked making brooms,” he said. “But our business model and easy-going style have really resonated with the wizarding community.” Headly first got the idea for PimpMyBroom about 3 years ago when he wanted to buy a custom broom online and couldn't find a company he trusted, so he built his own.
The additional funding will mainly be used for expansion and growth, indicated CFO Grisby Shortbottom. Currently, the broom manufacturing facility is too small to effectively and efficiently produce custom brooms on a large scale. But PimpMyBroom is looking at expanding its woodworking and spells department to avoid calamities like the “attacking broom incident” last October, when spells and charms overflowed onto the manufacturing floor causing random brooms to come to life and attack workers as well as other brooms. Some brooms were even seen bringing in buckets of water from a well near the facility for some unknown reason.
“Charms and Cauldrons is proud to be an investor in PimpMyBroom,” said Capital Group member, Isaiahus Peachton. “We thought the wizarding world was ready for a new way to purchase brooms back in late 2009; we took a gamble, and it has paid off.” Peachton also added that he loves this new thing called “The Internet” and is amazed at the sophisticated magic is takes to keep it running non-stop. “Now that's some powerful magic,” he said.
This additional round of funding will mean shorter order times for wizards and witches waiting on customized brooms and a greater selection of components. “We have some gnarly hover charms coming down the pipeline,” said VP of Magic Design Exelsius Oakworth.“And you won't believe what we are doing with Phoenix tail feathers right now. It's all very exciting.”