ThirdLove Raises $55 Million in Funding
SAN FRANCISCO--(BUSINESS WIRE)--Feb 26, 2019--ThirdLove, the direct-to-consumer women’s bra and underwear company that has disrupted the lingerie industry and invented half-cup sizes, announced the completion of a $55 million fundraising round.
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ThirdLove cast real women of various backgrounds, ethnicities, ages, sexualities and gender identities for their 78 sizes, one perfect fit campaign, showing the unique needs of women’s diverse body sizes and shapes. (Photo: Business Wire)
While ThirdLove was not looking for new capital, the round was done preemptively by consumer-brand focused firm L. Catterton (owned in part by LVMH and Groupe Arnault) and investment bank Allen & Company, along with prominent women angel investors Anne Wojcicki, Co-Founder and CEO of genetic testing company 23andMe, Susan Wojcicki, CEO of YouTube, Katie Couric, Journalist and Author, and Nancy Peretsman, Managing Director of Allen & Company who participated independently of the bank. Tim Armstrong, former CEO of Oath and AOL, Jeff Keswin, Founder of Lyrical Partners, Michael Zeisser, former US Chairman at Alibaba Group, Felicis Ventures, and Valor Equity also participated in the round.
The new funds allow ThirdLove to continue reaching more women by expanding its sizes, styles, product offerings, and fit technologies, helping the brand to deliver on its promise to make products for every woman’s body.
Co-Founder and Co-CEO Heidi Zak said: “This new funding round allows us to continue delivering on ThirdLove’s mission to create a bra for everybody. We are more dedicated than ever to giving all women the level of choice they deserve. We recently increased our offerings to a total of 78 bra sizes in five beautiful styles and we have no intention of stopping here.”
Investor Anne Wojcicki said: “I’m a big fan of ThirdLove’s mission to build a brand for every woman, regardless of her shape, size, age, ethnicity, gender identity, or sexual orientation. ThirdLove promotes reality over fantasy and shows the spectacular beauty of all sizes, shapes and colors of women.”
ThirdLove empowers women to find their perfect bra size and preferred style from the comfort of their home with the use of the Company’s innovative Fit Finder™ technology. More than 12 million women have used Fit Finder, which takes just 60 seconds to complete and asks women a series of dynamic questions about their current bra and their unique breast shape. Fit Finder is powered by numerous algorithms developed in-house in a unique collaboration between ThirdLove’s data science, data engineering, and bra design teams. ThirdLove has earned numerous accolades, including “Next Billion Dollar Startup” by Forbes, the “2019 Disruptor of the Year” Award from the National Retail Federation, and was named in the style category of Fast Company’s “Most Innovative Companies 2019” list.
With more than 350 employees, ThirdLove has been called the fastest growing underwear brand in America and is the largest donor of undergarments in the country, having given over $10 million of product away in 2018 alone. Its introduction of half-cup sizes and expansion into larger bras make it one of the most size inclusive brands in the industry, with 78 size options and bands ranging from 30”– 48″ and cups AA – I. By leveraging proprietary data and using real women’s measurements in its design process, ThirdLove is able to consider the unique needs of diverse body sizes and shapes and deliver on its mission to create bras that fit real women. To learn more, visit www.thirdlove.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190226005410/en/
Linzie Janis, VP of Communications and Partnerships, ThirdLove
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: WOMEN ONLINE RETAIL RETAIL FASHION CONSUMER
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PUB: 02/26/2019 07:00 AM/DISC: 02/26/2019 07:01 AM