JustFab Raises $40 Million MoreThursday, September 26, 2013
Fresh off the acquisition of its biggest competitor, El Segundo's JustFab Inc. has raised a new round of financing.
The $40 million C round was led by Shining Capital Management in Hong Kong and also involved investors from previous rounds, including Matrix Capital, Rho Ventures and Technology Crossover Ventures. This latest round brings JustFab's total raised to $149 million, making it one of Los Angeles' most heavily funded tech companies.
It's been a busy time for the subscription e-commerce site, founded in 2010. In the last year alone, JustFab has expanded its service to Europe and increased its offerings from shoes to include denim, handbags and other accessories. Last month, JustFab also absorbed rival firm ShoeDazzle.com Inc., adding the brand's line of apparel as part of the site's offerings.
Chief Executive Adam Goldenberg said the new money will help with future acquisitions and other areas of growth and international expansion.