JustFab Raises $85 Million, Eyes IPOThursday, August 28, 2014
JustFab, the online fashion retailer that offers a monthly subscription for customized shopping, has raised $85 million as it looks toward filing for an initial public offering of its stock.
The funding round was led by Passport Special Opportunity Fund with participation from existing investors – Shining Capital, Matrix Partners and Technology Crossover Ventures.
The latest investment values JustFab at $1 billion, according to a source close to the company.
For $40 a month, JustFab members get a shipment of shoes, handbags and jewelry picked by fashion consultants to suit each customer’s personal taste.
A spokesperson for the El Segundo retailer – which also owns brands Fabletics, FabKids and the Kim Kardashian-endorsed shoe-buying subscription ShoeDazzle – said the company was not immediately pursuing an IPO but that going public was on its eventual roadmap.
This brings JustFab’s total funding to $250 million. The company also said it is on track to meet its projection of $400 million in revenue this year.