“Unlike other revenue-based lending platforms that take a one sized fits all approach Paperstack was able to work with us based on our needs and the seasonality of our business to provide an offer, that other platforms on the market can't match.” - David King, founder of Promise Supply
What Is Promise Supply
“Promise Supply wants you to live surrounded by life with plants and botanicals that bring positive energy to everywhere you live, work, and play.” David King.
In the hustle and bustle of today's modern society, a simple way to reconnect with nature is by incorporating greenery into our living spaces. Plants and botanicals have risen in popularity for their aesthetic, health benefits, and their role in promoting a sustainable lifestyle. As a result, there's been a surge in specialty retail outlets, commonly referred to as plants and botanicals shops. These lush green spaces are transforming the way we perceive retail and encouraging a greener lifestyle.
Promise Supply launched in September 2020 at the stackt market, and after initial success and positive customer feedback, they opened a second location in Yorkville Village for the holidays with funding from Paperstack.
Four weeks into being open at Yorkville Village, Toronto went into lockdown as COVID-19 cases rose. The Promise Supply team quickly turned their new plant concept into an online store focused on customer experience.
Helping people discover the perfect indoor plant for their homes falls somewhere between picking out new furniture and adopting a pet. A plant is something that, when cared for, can last you a lifetime.
Through video calls, window shopping and spending time ensuring their customers find the right plant for their space, the company has continued to grow despite the shutdown. To learn more about promise supply go to PromiseSupply.ca
Promise Supply is a digitally-native Garden Centre that offers at-home delivery, curbside pick-up via their website, and now, immediate delivery on UberEats. Promise Supply on UberEats makes it easier than ever to get and give houseplants in Downtown Toronto.
Founding story of Promise Supply
We were working in a store that sold multiple things, but people kept gravitating toward the plants. We just saw that people loved the product, and over time we thought we could provide a better experience for customers on and offline, so we continued to evolve more and more into a plant business.
I started buying plants towards the end of my twenties but the majority of what I could learn about what I was buying was from content creators online.
The way we sell plants we think of ourselves and being those content creators with skin in the game, we want to support our customer before and after they purchase so they don't buy something that won't work in their space or for their lifestyle.
The biggest challenge building Promise Supply
According to David King, the biggest challenge is people hiring them, selling to them, buying from them.
Generally speaking, the nuts and bolts of businesses are the same, building a business means you have to get people to build it with you and support you. - David King
How Paperstack helped Promise Supply
According to David, Paperstack made an effort to understand Promise Supply's unique challenges with seasonality and provided working capital offers that helped the business grow with the cash it needed on terms that worked for everyone.
With financing from Paperstack, Promise Supply managed to open a second location in Yorkville Village, downtown Toronto. They used funding to hire staff for the new location, stock up enough inventory, and invest heavily in marketing and advertising to attract new customers.
As a result, Promise Supply saw a 78% increase in their sales in the first half of 2023, compared to the same period of last year.
What is your most vivid memory from first year in business
In the early days of Promise Supply, David vividly remembers filling up a 500 square feet warehouse with plants and home garden products, getting ready to launch his business.
Then the pandemic happened, and the entire city of Toronto went into the lockdown in December of 2020.
This forced the founder to shift their sales strategy. Instead of waiting for customers to come and buy from them in person, they launched on Shopify to market and sell plants direct-to-consumer through their Promise Supply website.
What are your goals in the nearest future?
David's goal for 2023 is to grow the business, expand the team, while enjoying the process of working on Promise Supply.
Many entrepreneurs start companies because they fundamentally disagree with how certain things are done. They see an opportunity to launch a business that would disrupt a status quo. In this case, David and his team saw how much people loved the plants, but hated the process of buying them. Promise Supply wanted to provide a better experience both online and offline, so we continued to evolve more and more into a plant business.