Online fashion site JustFab has secured $76m in funding, led by multi-stage investor Rho Ventures with participation from Matrix Partners, Technology Crossover Ventures (TCV) and JustFab parent company, Intelligent Beauty.
The capital will be used to further JustFab’s “aggressive” international expansion, move into additional fashion categories, and provide cash flow for future acquisitions, the company said.
Mark Leschly, managing partner at Rho Ventures, will join the board as part of the deal.
Fashion subscription company JustFab has more than six million members. Members gain access to discounted pricing, promotions, and fashion consultants. The company plans to launch in the UK in September 2012, with several other major European markets added by the end of Q1, 2013.
“Adam and Don have aggressively grown JustFab’s membership base, both in the US 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.”
Rho Ventures investments span new media/internet, information technology, healthcare and energy technology. Investments include Capstone Turbine, Ciena, Compaq Computer, Coulomb Technologies, EverydayHealth.com, Gloucester Pharmaceuticals, Human Genome Sciences, iVillage, Medimmune, Medical Present Value, OMGPOP, ReachLocal, Tacoda and Tapjoy.
The firm is currently investing from its $510m Rho Ventures VI fund.
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