Online Shopping Service JustFab Raises $76 MillionFriday, July 27, 2012
JustFab.com, an online shopping subscription service in El Segundo, has raised $76 million in new financing.
The financing was announced on Thursday. The company plans to use the money to expand into fashion categories it doesn’t yet offer, and to make the service available beyond the U.S. market, including the United Kingdom.
New York-based venture capital firm Rho Ventures LLC led the funding round, and Mark Leschly, a managing partner at Rho, will join the shopping service’s board. Other investors contributing to the round include Matrix Partners, Technology Crossover Ventures and JustFab parent company Intelligent Beauty Inc.
JustFab was created, along with two other e-commerce brands, as part of an incubator program hosted by Intelligent Beauty co-founders Adam Goldenberg and Don Ressler. For $40 a month, customers get a stylist-selected pair of shoes or handbag shipped to them. Today, the site has more than 6 million subscribers and estimates it adds another 500,000 each month.