EL SEGUNDO, Calif., Sept. 21, 2011 /PRNewswire/ -- JustFabulous, the innovative fashion styling service and contemporary fashion brand, today announced that it has closed a $33 million Series A round of financing. This round was lead by Matrix Partners with co-investment from Technology Crossover Ventures (TCV). Fashion mogul and TV star, Kimora Lee Simmons also participated. The company will use its funds to further accelerate growth through category and international expansion.
Josh Hannah from Matrix Partners joins the board of directors for JustFabulous while Kimora Lee Simmons becomes President and Creative Director.
"We have found the right partners that share our enthusiasm for creating a new and fun way for women to shop for fashion online," says Adam Goldenberg, Co-CEO of JustFabulous. "We are thrilled to continue our work with TCV and now Matrix Partners and Kimora Lee Simmons to expand our brand and offer our members the best in fashion, social commerce and online innovation."
JustFabulous was incubated by Intelligent Beauty in March 2010 and has since grown to over 2.5 million members. Every month members of JustFab.com receive a personalized boutique of shoes and handbags that have been chosen to fit their individual style. With each offering, members receive styling advice and outfit recommendations to complete their look from head to toe.
"We believe this space will experience explosive growth in the coming months, and the JustFabulous team is poised to transform the fashion industry," said Josh Hannah, general partner at Matrix Partners. "While JustFabulous provides a service that savvy, fashion-conscious women are clamoring for, its level of personalization is unmatched. As the team continues to execute its vision, this will be an exciting company to watch."
"With its interactive approach to online fashion retail, JustFabulous exemplifies the innovation and tremendous growth potential of the consumer Internet market," says John Drew, TCV General Partner and a director on the JustFabulous board.
JustFabulous (www.JustFab.com) is an online fashion styling service and lifestyle fashion brand that offers members a fun and engaging personalized shopping experience. Members of the fashion subscription service are given the celebrity treatment every month as they receive a customized selection of shoes and handbags, handpicked by personal stylists, along with the JustFabulous essentials including denim and sunglasses. Members have exclusive access to fashion tips and content, clickable style boards to shop complete outfits and the team of JustFabulous fashion consultants for expert advice. At $39.95 an item, JustFabulous offers high-fashion looks off the runways at affordable prices and shipping is always free.
About Intelligent Beauty
Founded in 2006 by Don Ressler & Adam Goldenberg, Intelligent Beauty is a leading ecommerce business incubator focused on building innovative brands in the health & wellness, beauty, and fashion industries. With annual revenue of over $250 million, Intelligent Beauty is an innovator in brand building, technology and marketing. Intelligent Beauty is backed by Technology Crossover Ventures and headquartered in Los Angeles, CA.
About Matrix Partners
Matrix Partners is a premier venture capital firm that has generated outstanding returns for over three decades. By focusing on early-stage investments and emphasizing long-term relationships with entrepreneurs, the firm has delivered several of the industry's top performing funds of all time. Matrix Partners has offices in Cambridge and Waltham, MA; New York, NY; Palo Alto, CA; Mumbai, India; and Beijing and Shanghai, China. Matrix Partners has invested in several game-changing, industry-leading businesses such as Apple Computer, Gilt Groupe, JBoss, Netezza, Phone.com, Starent Networks, Sycamore Networks, Veritas, Zendesk, and Zong.
About Technology Crossover Ventures
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of growth capital to technology companies, providing funds to later-stage private and public companies. With $7.7 billion in capital under management, TCV has invested in over 150 technology companies leading to 49 initial public offerings and more than 40 strategic sales or mergers. Representative investments include Altiris, C|NET, eHarmony, Expedia, Facebook, Fandango, Groupon, HomeAway, Netflix, RealNetworks, Redback Networks, RiskMetrics Group, Solect Technology, TechTarget, and Zillow. TCV has 12 partners and is headquartered in Palo Alto, California with offices in New York, NY. For more information about TCV, visit www.tcv.com.