JustFab Raises $40 Million as It Preps Launch of New Brand
Add another milestone to a busy month-and-half for e-commerce women’s shoe brand JustFab: A Series C investment round of $40 million.
Now it has taken on a new large investment, led by Hong Kong-based Shining Capital and including all of JustFab’s existing investors. It has now raised nearly $150 million for its fast-growing fashion brand, which has used aggressive direct marketing to get people enrolled in its monthly subscription service.
JustFab co-CEO Adam Goldenberg said in an interview that the new money will be used to expand operations in Europe, help speed up the expansion of a soon-to-launch new brand (the details of which he refused to talk about), and serve as a war chest for possible acquisitions. The company, he said, would have reached profitability next year on $400 million in revenue without this new capital infusion.
The fact that the lead investor is based in Asia, however, does not mean that JustFab has decided to expand into that continent, Goldenberg said.