Total amount raised
$701 Millions
Latest funding date
Location
Skims has successfully raised significant capital through three funding rounds, with the latest being a Series C. The brand is backed by notable investors, including Greenoaks and D1 Capital Partners.
Continue reading to delve into the details of Skims' fundraising journey and the key investors supporting this innovative brand.
What Is Skims?
Skims, founded in 2019 by Emma Grede, Jens Grede, and Kim Kardashian, is a solutions-oriented brand based in Culver City, California. The company focuses on creating the next generation of inclusive underwear, loungewear, and shapewear.
Skims offers a wide range of products designed to enhance body shape, including bodysuits, shapewear, and underwear. Their collections feature styles and color shades for different body types, providing women with the right support and coverage.
With a workforce of 501-1000 employees, Skims continues to innovate in the fashion industry, offering solutions-oriented products that cater to a diverse range of body types.
How Much Funding Has Skims Raised?
- Seed Round
- Amount Raised: $5M
- Date: January 2019
- Lead Investors: Imaginary Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the brand and develop initial product lines.
- Series A
- Amount Raised: $154M
- Date: April 2021
- Lead Investors: Thrive Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand product offerings.
- Venture Round
- Amount Raised: $32M
- Date: July 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and market expansion.
- Series B
- Amount Raised: $240M
- Date: January 2022
- Lead Investors: Lone Pine Capital
- Valuation at Round: $3.2 billion
- Motivation Behind the Round: To increase valuation and support rapid growth.
- Series C
- Amount Raised: $270M
- Date: July 2023
- Lead Investors: Wellington Management
- Valuation at Round: $4 billion
- Motivation Behind the Round: To accelerate product innovation and expand retail presence.
Skims has raised a total of $701M in funding, with a current valuation of $4 billion.
Key Investors
- Wellington Management
- Details: Wellington Management is a global investment management firm that provides investment solutions to a wide range of clients, including mutual funds, endowments, and pension funds. They have a proven track record of helping companies navigate key growth stages.
- Investment Focus Areas: Equities, fixed income, alternative investments.
- Notable Investments: Not publicly disclosed.
- Greenoaks Capital Partners
- Details: Greenoaks Capital Partners is a venture capital firm known for investing in high-growth companies. They focus on technology and consumer sectors.
- Investment Focus Areas: Technology companies, high-growth businesses.
- Notable Investments: Coupang, Brex, Robinhood.
- D1 Capital Partners
- Details: D1 Capital Partners is an investment firm that focuses on global opportunities across public and private markets. They have a diverse portfolio that spans multiple sectors.
- Investment Focus Areas: Global opportunities, public and private markets.
- Notable Investments: SpaceX, Instacart.
- Imaginary Ventures
- Details: Imaginary Ventures is a venture capital firm that invests in early-stage consumer brands. They specialize in the consumer and retail sectors.
- Investment Focus Areas: Early-stage consumer brands, retail sectors.
- Notable Investments: Glossier, Everlane.
- Thrive Capital
- Details: Thrive Capital is a venture capital firm founded by Josh Kushner. They invest in internet and software companies.
- Investment Focus Areas: Internet, software investments.
- Notable Investments: Instagram, Slack, Robinhood.
What's Next for Skims?
Skims is poised for significant growth, with opportunities to expand into men's clothing and open its first retail location in 2024. The brand's valuation has soared to $4 billion, and it is on track to cross $1 billion in sales this year. This growth is fueled by a strong market presence among Gen Zers and millennials, who make up 70% of its customer base. The potential for an Initial Public Offering (IPO) looms large, especially with the involvement of Wellington Management and the recent hiring of a chief financial officer.
Future fundraising opportunities are abundant, with the possibility of Skims going public, which would open up new avenues for capital. However, the company faces challenges such as managing rapid growth, navigating the complexities of an IPO, and maintaining its competitive edge in a crowded market. Internal conflicts among stakeholders and the need to scale operations effectively are additional hurdles that Skims must overcome to sustain its momentum.
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