US-based lingerie e-commerce site Adore Me has raised $8.5 million in a Series B round of funding from VC firms Upfront Ventures, Mousse Partners and Redhills Ventures, as it seeks to continue chipping away at the market share of Victoria’s Secret.
Adore Me CEO and founder Morgan Hermand-Waiche said that with people “tired of high prices and slow-fashion from Victoria’s Secret”, adopting the fast-fashion model of Zara has worked to its benefit.
Its concept is simple: it offers the same designer-crafted lingerie seen in department stores and boutiques but at a fraction of the price. New collections of intimates are launched each month, with most matching sets of a bra and panty priced at $39.95, inclusive of free U.S. shipping both ways.
Customers can either buy à la carte or register for a VIP monthly membership, which offers preferred pricing and a monthly personalized email showing products catered to their tastes.
Adore Me said the $8.5 million raised will go to increasing its inventory and acquiring customers, as it seeks to disrupt Victoria’s Secret market position. It will also focus on improving its designs and hiring customer care reps to boost its service.
The site launched in early 2012 and has grown roughly 40 percent month over month. It has raised a total of $11.2 million, with $500,000 in seed funding and $2.5 million in Series A. Adore Me’s products are available throughout the US and internationally, with the only price difference in shipping (customers in the US get free shipping).
It would appear that this latest investment marks Upfront Ventures’ first one being announced since it rebranded — previously known as GRP Partners, the venture capitalist announced late last month that it had closed its fifth fund, bringing in $200 million to help early-stage startups grow.
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