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Online Styling Platform Stitch Fix Raises $4.75 Million in Series A Funding
By: Business Wire
Feb. 28, 2013 03:31 PM
Stitch Fix, the personal shopping platform bringing the world of personal styling to a new, more accessible market, today announced the closing of its $4.75 million Series A funding round led by Baseline Ventures and Lightspeed Venture Partners, with participation from Western Technology Investment. This funding news crowns a year of rapid growth and product development for Stitch Fix, which has more than doubled its revenue since December 2012.
“We’ve created and armed our team of stylists with the best analytical tools in fashion to help them select and accurately identify the wardrobe items that best fit each client’s unique taste, lifestyle, size and budget,” said Katrina Lake, Founder and CEO of Stitch Fix. “This new round of funding will help us significantly scale our business and product offering to ensure we can meet the exciting growth we are experiencing.”
Stitch Fix has developed a suite of proprietary tools and services used by the team to physically deliver personal styling to more than 10,000 clients across the United States. This round of funding will enable the company to invest in and extend its offerings of retail tools, while scaling the company’s operational system by increasing inventory and logistical components to better service an expanding client base.
“The Stitch Fix team is pioneering a new wave of ecommerce and addressing a multi-billion dollar market opportunity that bridges the gap between the fashion industry and the consumer’s desire to access new and hard to find brands,” says Steve Anderson, Founder of Baseline Ventures. “The company’s early success with women across the country is proof that consumers are ready for truly personalized fashion delivered regularly to their doorstep.”
Stitch Fix’s team of expert stylists and engineers work together to capture the quintessence of fashion and design in a fundamental way. The company has created the first retail intelligence approach to closets comprised of deep data analytics and complex algorithms that recognize and match personal aspects of each client to specific aspects of clothing items and fashion trends. These efficient and effective styling tools enable Stitch Fix to deliver personal styling to the ‘everyday woman’s’ doorstep, helping her discover and incorporate on-trend looks into her wardrobe without leaving the house.
“Stitch Fix is the true marriage of the science of data and analytics with the art of fashion. By understanding a woman’s personal attributes, and understanding the attributes of fashion items, Stitch Fix can truly pack a perfect box of fashion items,” says Julie Bornstein, SVP of Digital at Sephora and Stitch Fix Board Member. “I’ve worked in ecommerce for over a decade and haven’t seen anything this exciting in fashion and technology.”
Since launching in 2011, Stitch Fix works with more than 200 contemporary women’s fashion brands and has delivered tens of thousands of Stitch Fixes – the company’s curated boxes of hand-selected garments and accessories.
About Stitch Fix:
Founded in 2011, Stitch Fix is the premiere online personal shopping platform, introducing the world of personal styling to women throughout the country at an accessible price point. Combining the art and science of fashion, Stitch Fix has built a suite of proprietary tools and style-matching technology used by the company’s expert styling team to identify the clothes and styles that best fit each client’s taste, budget and lifestyle. Clients receive Stitch Fix deliveries of five hand-selected garments to try in the comfort of their home, keep what they like and return what they don’t. Stitch Fix’s headquarters and warehouse are based in San Francisco, California.
For more information, visit www.stitchfix.com.
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