ThirdLove, a maker of bras, has raised $8 million in Series A funding. New Enterprise Associates led the round.
SAN FRANCISCO, Feb. 2, 2016 /PRNewswire/ — ThirdLove, the fit-centric intimates brand revolutionizing the industry with signature halfcup sizes, announced an $8 million Series A round of financing led by New Enterprise Associates (NEA), with participation from a long list of new and existing investors, including Laurie Ann Goldman, former CEO of Spanx, Lori Greeley, former CEO of Victoria’s Secret Stores, John Hamlin, Chairman of REI, Barry Sternlicht, founder of Starwood Hotels, and Claire Bennett, EVP at American Express and member of the Board of Directors of Tumi.
“ThirdLove is breaking through industry norms to create bras that simply are a better fit and more comfortable throughout the day than what women currently have in their lingerie drawers,” said Lori Greeley, who served as CEO of Victoria’s Secret Stores until 2013. “With the 24/7 collection in particular, they are capturing what real women expect from a modern wardrobe – style and function.”
Growing by 400% from 2014 to 2015, ThirdLove offers a unique, empowering experience to its customers by crafting half-cup sizes for a better fit and enabling a woman to measure herself from home using its mobile technology. The company’s smartphone technology uses patented computer vision technology to analyze body size in relation to the iPhone’s dimensions, immediately presenting the user with her correct bra size, down to the ½ cup size. Women who download the app and use the sizing technology, convert at a rate 13 times higher than customers who don’t.
“ThirdLove is shaking it up by replacing tape measurers with technology to help women find the perfect size,” said Laurie Ann Goldman, who served as CEO of Spanx from 2002 to 2014. “The half-cup sizes make the fit really work – I’m a big fan and excited to see what’s next.”
ThirdLove’s unique half-cup sizes account for more than one-third of all bras sold in the A-E range. On average, a woman purchases new bras every 12 months, but the average ThirdLove customer purchases a second bra within just 45 days.
“We’re incredibly excited to bring on-board such inspiring retail and consumer industry leaders to support our next stage of growth,” said Heidi Zak, Founder of ThirdLove. “We understand that every woman’s body is different and we design bras and create a fitting experience which works for real woman.”
With the new financing, the company plans to continue building its team in San Francisco, introduce new products, and further expand into the retail channel. This past September, Bloomingdale’s launched an exclusive 10-piece collection from ThirdLove, making the department store the first to carry half-cup sizes. Based on the success of the partnership, Bloomingdale’s plans to add new styles in 2016 and expand into additional stores around the country.
“We were fortunate to partner with ThirdLove in its earliest days, and we’re thrilled to see the company’s impressive traction and product innovation,” said Jon Sakoda of NEA. “The women’s intimate apparel market is massive, and we’re excited to continue partnering with the team to pioneer a new e-commerce vertical.”
In keeping with its mission to help all women look and feel great with perfectly-fitted bras, ThirdLove has donated over 10,000 bras in 2015 to organizations that are committed to giving women everywhere the tools they need to succeed, including Be a Dear, Goodwill and Dress for Success.
ThirdLove is an innovative intimates brand that believes fit comes first. In addition to offering signature half-cup sizes to provide a more precise fit, ThirdLove has developed a patented mobile sizing technology that empowers a woman to measure herself from home. By using real women’s measurements in its design process, ThirdLove embraces diverse body sizes and shapes and delivers on its mission to create bras that fit real women. To learn more, visit www.thirdlove.com.
About New Enterprise Associates
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since inception, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. To learn more, visit www.nea.com.