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Total amount raised
$176M
Latest funding date
2022-11-29
Location
Everlane has successfully raised funds through nine rounds, with the latest being a Debt Financing round. The company is backed by 19 investors, including notable names like Gordon Brothers and L Catterton.
What Is Everlane?
Everlane is a private company based in San Francisco, California, specializing in the design, manufacture, and sale of clothing items for men and women through its online e-commerce platform. The company operates within the e-commerce, fashion, manufacturing, and retail industries.
With an employee count ranging from 101 to 250, Everlane emphasizes sustainability and transparency in its operations. The company offers a wide range of products, including clothing, shoes, and accessories, and highlights its commitment to environmental initiatives and social responsibility.
How Much Funding Has Everlane Raised?
- Seed
- Amount Raised: USD 1,100,000
- Date: October 2011
- Lead Investors: SV Angel, Kleiner Perkins (among 13 angel and institutional investors including Ben Ling, Betaworks, Brian Sugar, Dave Morin, Keith Rabois, Lerer Hippeau Ventures)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial market entry and brand establishment.
- Product Crowdfunding
- Amount Raised: USD 100,000
- Date: March 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund the production of a new product line.
- Series B
- Amount Raised: USD 5,160,000 (per secondary market data)
- Date: December 2013
- Lead Investors: Maveron (participant); 14W (participant)
- Valuation at Round: Approximately USD 56,000,000
- Motivation Behind the Round: To scale operations and expand product range.
- Series C
- Amount Raised: Approximately USD 6,900,000 (per secondary market data)
- Date: March 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Approximately USD 121,000,000
- Motivation Behind the Round: To accelerate growth and expand market presence.
- Series D
- Amount Raised: Approximately USD 7,050,000 (per secondary market data)
- Date: May 2016
- Lead Investors: Light Street Capital
- Valuation at Round: Approximately USD 164,000,000
- Motivation Behind the Round: To accelerate growth and expand market presence.
- Series E
- Amount Raised: Not publicly disclosed
- Date: April 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support continued growth and operations.
- Series F
- Amount Raised: USD 85,000,000
- Date: September 2020
- Lead Investors: L Catterton
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and scale the business.
- Debt Financing (Revolving Credit Facility)
- Amount Raised: USD 65,000,000
- Date: September 2022
- Lead Investors: CIT Northbridge Credit (agent)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To refinance existing indebtedness and provide incremental liquidity for growth initiatives.
- Debt Financing (Term Loan)
- Amount Raised: USD 25,000,000
- Date: November 2022
- Lead Investors: Gordon Brothers
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support Everlane's continued growth and sustainability initiatives.
Total Amount Raised: At least USD 189,310,000 based on disclosed funding (additional undisclosed amounts from Series A-2, Series E, and the Pre-Seed/Convertible Note rounds may increase the total). Current Valuation: Not publicly disclosed.
Key Investors
- Gordon Brothers
- Details: Gordon Brothers is a global advisory, restructuring, and investment firm specializing in the industrial, retail, and consumer products sectors. They are based in Boston and conduct more than $100 billion worth of dispositions and appraisals annually.
- Investment Focus Areas: Retail, Consumer Products, Industrial
- Notable Investments: Not publicly disclosed
- L Catterton
- Details: L Catterton is a leading global consumer-focused private equity firm. They have a significant presence in the consumer and retail sectors and are linked with LVMH.
- Investment Focus Areas: Consumer, Retail, Healthcare
- Notable Investments: Ganni, ba&sh, Peloton
- Light Street Capital
- Details: Light Street Capital is a hedge fund that invests in technology and media sectors. They focus on high-growth companies in these industries.
- Investment Focus Areas: Technology, Media, Telecommunications
- Notable Investments: Not publicly disclosed
- CIT Northbridge Credit
- Details: CIT Northbridge Credit (as advised by CIT Asset Management LLC, a division of First Citizens Bank) served as agent on Everlane's $65 million revolving credit facility in September 2022.
- Investment Focus Areas: Asset-based lending, Retail, Consumer
- Notable Investments: Not publicly disclosed
What's Next for Everlane?
Everlane's future looks promising with the recent $25 million loan from Gordon Brothers, aimed at fueling growth. This significant capital injection opens up opportunities for expanding their product lines, enhancing their online presence, and possibly opening new retail locations. The size of this opportunity is substantial, providing Everlane with the financial muscle to scale its operations effectively.
As Everlane leverages this loan for growth, future fundraising opportunities may arise, especially if the current initiatives prove successful. The retail industry is increasingly favoring multi-asset approaches in financing, which could benefit Everlane in securing additional funds. However, challenges such as managing increased debt and navigating a competitive market remain. If these hurdles are overcome, Everlane could be well-positioned for further financial engagements or even acquisitions.
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