Direct Lingerie Seller ThirdLove Lands $55B, Eyes Unicorn Status
Another startup may be approaching unicorn territory.
ThirdLove, the app based direct retailer of women’s undergarments, announced it has secured $55 million in new fundraising. The company did not initiate the latest funding, but a diverse group of investors chipped in, including L. Catterton, Allen & Co. (an investment bank), Anne Wojcicki (Co-Founder and CEO of 23andMe), YouTube CEO Susan Wojcicki, Journalist Katie Couric, Former Oath CEO Tim Armstrong, Nancy Peretsman and Michael Zeisser.
With this latest investment, ThirdLove has been valued at $750 million, putting it on the brink of becoming the world’s latest billion dollar club member. It’s growth is fueled by it’s business model of selling better fitting bras for women than they can find anywhere else.
“This new funding round allows us to continue delivering on ThirdLove’s mission to create a bra for everybody,” said ThirdLove Co-Founder and Co-CEO Heidi Zak in a statement. “We are more dedicated than ever to giving all women the level of choice they deserve. We recently increased our offerings to a total of 78 bra sizes in five beautiful styles and we have no intention of stopping here.” It’s goal, with the new funding, is to expand its product offerings further.
Zak co-founded the company with husband (and co-CEO) David Spector, whom she worked with at Google before launching ThirdLove.