Total amount raised
$80.6M
Latest funding date
2023-08-17
Location
ThirdLove has successfully raised funding over six rounds, with the latest being a Debt Financing round led by Second Avenue Capital Partners. The company is backed by a total of 45 investors, including notable names like Halogen Ventures.
What Is ThirdLove?
ThirdLove is a women's lifestyle brand based in San Francisco, California, specializing in lingerie and underwear. The company operates in the e-commerce, fashion, lingerie, shopping, and women's categories.
Founded by Heidi Zak and David Spector, ThirdLove has grown to employ between 101-250 people. The company is known for its focus on comfort and fit, offering a wide range of sizes, including half-cup sizes.
How Much Funding Has ThirdLove Raised?
- Debt Financing (Revolving Credit Facility)
- Amount Raised: USD 12,000,000
- Date: August 17, 2023
- Lead Investors: Second Avenue Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance customer experience via a revolving credit facility, without diluting equity.
- Series Unknown
- Amount Raised: Undisclosed
- Date: February 2021
- Lead Investors: Halogen Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel continued growth and expand market reach.
- Series B
- Amount Raised: USD 55,000,000
- Date: February 26, 2019
- Lead Investors: L Catterton, Allen & Company
- Valuation at Round: Over USD 750,000,000
- Notable Participants: Anne Wojcicki, Susan Wojcicki, Katie Couric, Tim Armstrong, Felicis Ventures, Valor Equity, Nancy Peretsman, Michael Zeisser
- Motivation Behind the Round: To continue growth, expand size range and product offerings, and approach unicorn status.
- Series A
- Amount Raised: USD 8,000,000
- Date: February 2, 2016
- Lead Investors: New Enterprise Associates (NEA)
- Notable Participants: Laurie Ann Goldman (former CEO of Spanx), Lori Greeley (former CEO of Victoria's Secret Stores), Barry Sternlicht, Claire Bennett
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series A (Early)
- Amount Raised: Undisclosed
- Date: May 2015
- Lead Investors: New Enterprise Associates (NEA)
- Notable Participants: Pegasus Tech Ventures, Fort Ventures, Monta Vista Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and development.
- Seed
- Amount Raised: USD 5,600,000
- Date: August 2013
- Lead Investors: New Enterprise Associates (NEA), Andreessen Horowitz
- Notable Participants: Yuri Milner, Silas Chou, Barry Sternlicht, Munjal Shah, Nasir Jones (NAS), XG Ventures, Felicis Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the brand and establish a market presence.
Total Amount Raised: At least USD 80,600,000 based on disclosed funding (seed: $5.6M, Series A: $8M, Series B: $55M, Debt: $12M; May 2015 and Feb 2021 amounts undisclosed). Current Valuation: Not publicly disclosed.
Key Investors
- Second Avenue Capital Partners
- Details: Second Avenue Capital Partners (SACP) is a Schottenstein affiliate providing capital solutions to middle-market and consumer brands. They led ThirdLove's August 2023 revolving credit facility.
- Investment Focus Areas: Middle-market companies, consumer brands, asset-based lending.
- Notable Investments: Debt Financing for ThirdLove.
- L Catterton
- Details: L Catterton is a consumer-brand focused investment firm co-owned by LVMH and Groupe Arnault, known for investing in companies with strong market presence. They co-led ThirdLove's Series B round.
- Investment Focus Areas: Consumer brands, market presence, growth potential.
- Notable Investments: Peloton, Equinox, Restoration Hardware.
- Allen & Company
- Details: Allen & Company is an investment bank that co-led ThirdLove's Series B round alongside L Catterton.
- Investment Focus Areas: Financial advisory, investment banking, capital markets.
- Notable Investments: Google, Facebook, Twitter.
- New Enterprise Associates (NEA)
- Details: New Enterprise Associates is a global venture capital firm investing in technology and healthcare companies. They led ThirdLove's Seed, May 2015, and February 2016 Series A rounds.
- Investment Focus Areas: Technology, healthcare, early-stage companies.
- Notable Investments: 23andMe, Robinhood, Coursera.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a leading Silicon Valley venture capital firm that co-led ThirdLove's seed round and continued as an existing investor through the Series B.
- Investment Focus Areas: Technology, consumer, fintech.
- Notable Investments: Airbnb, GitHub, Lyft, Coinbase.
- Halogen Ventures
- Details: Halogen Ventures is a Los Angeles-based early-stage venture capital fund investing in consumer technology companies led by women. They participated in ThirdLove's February 2021 round.
- Investment Focus Areas: Consumer technology, female-founded companies.
- Notable Investments: Various female-founded consumer tech companies.
- Anne Wojcicki
- Details: Anne Wojcicki is the CEO and co-founder of 23andMe. She invested in ThirdLove's Series B round.
- Investment Focus Areas: Biotech, health, wellness.
- Notable Investments: 23andMe, various health and biotech startups.
What's Next for ThirdLove?
ThirdLove stands at the cusp of significant growth opportunities. With a valuation exceeding $750 million, the company is poised to capitalize on the decline of traditional competitors like Victoria's Secret. Their algorithm-powered fitting application and extensive size range cater to a broad audience, enhancing their market reach.
Future fundraising rounds are likely as ThirdLove aims for unicorn status. The strong interest from high-profile investors suggests that additional capital will be available to fuel their expansion. However, challenges such as maintaining growth, customer satisfaction, and navigating economic factors could impact their journey.
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