Punchbowl Acquires VidHug

Punchbowl, an online party planning service, was forced to make adjustments last year amid the pandemic. Founder and CEO Matt Douglas went to work to rethink the company’s approach. He started by expanding the company’s online greeting card business, which until that point had been a small part of the revenue mix. Then he began talking to investors about a cash influx, with an eye toward adding video to the platform. Just recently, the company pulled in $5 million from SG Credit Partners. After doing so, they purchased the online video production service VidHug and rebranded it for his platform as Memento.