JustFab, the innovative fashion styling service and contemporary fashion brand, today announced that it has secured $76 million in funding. Rho Ventures led the round with participation from Matrix Partners, Technology Crossover Ventures (TCV) and JustFab parent company, Intelligent Beauty. The primary capital will be used to further JustFab's aggressive international expansion, move into additional fashion categories, and provide cash flow for future acquisitions. Mark Leschly, Managing Partner at Rho Ventures, will join the board.
"At a time when others are retreating from the subscriptions and international markets, we see massive growth and opportunity," said JustFab co-CEO Adam Goldenberg. "Our rapidly growing, extremely loyal membership base is a resounding endorsement of JustFab's merchandising and sales model."
JustFab is the leader in the fashion subscription space, with more than 6 million members. The company combines fast fashion with the industry's highest level of personalization through its unique community, impressive style panel and high quality, affordable products. Members gain access to discounted pricing, exclusive promotions, and fashion consultants 24/7 in addition to receiving a host of other benefits. Casual shoppers make use of JustFab's pay-as-you-go pricing, giving consumers the option to try the service before they commit to a monthly subscription.
Company Continues Aggressive International Expansion
JustFab continues to change the way women shop for fashion both in the US and abroad, with more unique visitors than anyone in the industry. It is also rapidly acquiring users in Germany and Canada. Based on its current international success, the company plans to launch in the United Kingdom in September 2012, with several other major European markets added by the end of Q1, 2013.
In addition to furthering its global reach, JustFab plans to use its latest round of funding to expand into new fashion categories requested by its members. JustFab currently offers shoes, handbags, jewelry, denim and other accessories.
"Finding the right partner to grow with us is key at this stage in our business," says Don Ressler, Co-CEO of JustFab. "Rho's commitment to building sustainable brands while maintaining the entrepreneurial spirit makes them an ideal partner as we continue our upward trajectory."
"Adam and Don have aggressively grown JustFab's membership base, both in the U.S. and abroad," said Mark Leschly from Rho Ventures. "With impressive revenue every quarter, we are excited to be a part of its continued expansion. This team has a big vision with an established track record of success. We look forward to helping them redefine fashion e-commerce."
"JustFab has flawlessly executed its plans, proving that there is a right way to do subscriptions," added Josh Hannah, general partner at Matrix Partners and JustFab board member. "When you combine great value, selection, quality, and personalization with a fun, social shopping experience, you attract and retain members. JustFab has masterfully done what no one else has been able to do, and the team has accomplished it in record time." "With its innovative and interactive approach to online fashion sales, JustFab has created a powerful formula for tapping the tremendous growth potential in the global Internet retail market," says John Drew, TCV general partner and a director on the JustFab board.
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