And now the executives of LittleBlackBag.com have more than their good name to work with: GRP Partners has led a $2.75 million Series A round in the personalized shopping site that lets users shop for themselves and also shops for them, as well.
LittleBlackBag, which is based in LA, draws on the concept of the Japanese lucky bag sale—or, fukubukuro—where buyers snap up mystery bags in hopes of hitting a small personal jackpot. Of course, LittleBlackBag offers its users a bit more than that; they can swap items and build their own personalized gift bag prior to having it shipped. (The service costs $60 for one bag, or $50 for a monthly bag.)
Tagging along for the round are DCM, Chamath Palihapitiya, Tim Kendall, David Tisch and other investors The funding is anticipated to sustain the social commerce site for another 12-18 months.
As part of the funding, says Dan Murillo, co-founder and CEO of LittleBlackBag, the company will continue its expansion in the New York City area as it grows its team and increases product offerings into areas like shoes and apparel. Increasingly, online and social commerce companies in the fashion space have targeted New York’s rich customer base and boldface names for business opportunities.
Barbara Wambach, a veteran of Bebe, Gap and eLuxury, will join the board as an independent director, and Yves Sisteron, co-founder and partner with GRP Partners, will also join LittleBlackBag’s board.