How Private Equity Helped Tubby Todd Move From DTC to Target

Tubby Todd launched in 2014 and spent years building a community-driven direct-to-consumer business. In 2022, the founders sold a majority stake to private equity firm NexPhase Capital, a move that fundamentally changed the company's operational strategy.

Andrea Faulkner Williams, co-founder and president, said the infusion of capital allowed the brand to shoulder the costs of expanding beyond its own online store. The partnership helped Tubby Todd scale to mass retail, including placing its products on Target shelves.

For many founder-led brands, the transition from a bootstrapped startup to a major retail player is a test of sustainable growth. Some take on debt or venture capital, while others bring in private equity investors to fund the leap.

The shift to private equity came after years of building the brand through a DTC community-driven approach. The decision was strategic, as the investment altered how Tubby Todd approached operations and retail partnerships.