Intimates Company ThirdLove Completes a $55-million Fundraising Round
San Francisco direct-to-consumer women’s intimate-apparel company ThirdLove announced the completion of a $55-million round of fund-raising. While ThirdLove was not seeking new capital, the preemptive round was performed by L. Catterton, which is partially owned by LVMH and Groupe Arnault, and investment bank Allen & Company.
With the funding, ThirdLove will expand its sizing, styles and product offerings. To fulfill its mission of creating products that accommodate every female body type, the company will also invest in fit technologies.
The company is known for its Fit Finder technology, which takes only 60 seconds to complete and has been used by more than 12 million women. It allows customers to easily find a perfect bra size and style from the comfort of their homes.
“This new funding round allows us to continue delivering on ThirdLove’s mission to create a bra for everybody,” said Heidi Zak, ThirdLove’s co-founder and co–chief executive officer, in a statement. “We are more dedicated than ever to giving all women the level of choice they deserve. We recently increased our offerings to a total of 78 bra sizes in five beautiful styles, and we have no intention of stopping here.”
In addition to L. Catterton and Allen & Company, a group of female angel investors included Anne Wojcicki, co-founder and chief executive officer of genetic testing company 23andMe; Susan Wojcicki, chief executive officer of YouTube; journalist and author Katie Couric; and Nancy Peretsman, managing director of Allen & Company, whose investment was independent of the bank’s.
“I’m a big fan of ThirdLove’s mission to build a brand for every woman, regardless of her shape, size, age, ethnicity, gender identity or sexual orientation,” Anne Wojcicki said in a press release. “ThirdLove promotes reality over fantasy and shows the spectacular beauty of all sizes, shapes and colors of women.”
The round also included participation from Tim Armstrong, former chief executive of Oath and AOL; Jeff Keswin, founder of Lyrical Partners; and Michael Zeisser, former U.S. chairman of Alibaba Group, Felicis Ventures and Valor Equity.