Adore Me, a lingerie e-Commerce site, announces the closing of its B Round of venture capital, raising $8.5 million from Upfront Ventures, Mousse Partners, and previous investors, Redhills Ventures.
Online PR News – 11-July-2013 – New York, NY – Adore Me Raises $8.5 Million in VC Funding
Leading e-commerce site Adore Me delivering fast-fashion for intimate wear
EMBARGO UNTIL TUESDAY JULY 9th, 2013 10AM EST
NEW YORK, NY (July 9th, 2013) – Adore Me (www.adoreme.com), a lingerie e-Commerce site offering designer-crafted, perfectly fitting styles at affordable price points, announces the closing of its B Round of venture capital, raising $8.5 million from Upfront Ventures, Mousse Partners, and previous investors, Redhills Ventures.
Advisors include serial entrepreneur and investor Fabrice Grinda and world-renowned photographer Antoine Verglas.
Since launching in early 2012, Adore Me has grown roughly 40% month over month and continuously introduces new collections of intimates each month, with most matching sets (bra & panty) priced at $39.95 and with free U.S. shipping both ways.
“We follow the fast fashion model of Zara and apply it to intimates.” said Morgan Hermand-Waiche, Founder & CEO. “People are so tired of high prices and slow-fashion from Victoria’s Secret that we’ve been adored since day one. We celebrated our 100,000th shipment even before our first anniversary!”
In less than two years, Adore Me has become a leading lingerie company by offering the same designer-crafted lingerie as in department stores and boutiques but at a fraction of the price and with incredible convenience and service. This funding round will be used to increase inventory and customer acquisition to continue to chip away at Victoria’s Secret.
Adore Me is part of a growing entrepreneurial movement happening in New York city that has produced a number of e-Commerce successes including Etsy and Fab. Adore Me gains from its access to top designers, magazines and entrepreneurial talent.
Adore Me’s latest investor is based in LA and has a long tradition in fashion & e-Commerce. “We have invested in great brands and retailers for 25 years. When we saw the growth numbers combined with the quality of Adore Me’s products we knew we had found a category killer.” said Yves Sisteron, founding partner at Upfront Ventures.
In addition to inventory & customer acquisition, funds will also be used to make a number of key hires.
About Adore Me
Adore Me (www.adoreme.com) is a vertically integrated women’s intimates brand disrupting this $11 billion industry by offering designer-crafted, great fitting lingerie at affordable price points.
Most matching sets are $39.95 (bra and panty) and shipping in the U.S. is always free, both ways. Customers can also receive complimentary one-on-one consultations with Adore Me’s in-house experts, to get advice on style, fit, or literally any question they have regarding their special purchase.
With a family history in the garment industry in France, Morgan Hermand-Waiche, Founder & CEO, started Adore Me on the Harvard Business School campus. His goal was to offer a viable alternative to Victoria’s Secret in the US. Today, the brand works with some of the best professionals in the space, including world class designers and photographers all contributing to create a great product and customer experience.
About Upfront Ventures
Upfront Ventures is the largest VC in Los Angeles. It was founded in 1996 with the mission to help entrepreneurs achieve their goals of building big, transformative businesses. The partners of Upfront have been involved with many startups over the years, of which 15 stand out companies have achieved exit valuations above $1 billion. Some of the firm’s notable investments include Ulta Beauty & Cosmetics, Overture, CitySearch, TrueCar and BillMeLater.
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