Total amount raised
$23.4 Million
Latest funding date
7/1/2024
Location
Newme has successfully raised funding over six rounds, with the latest being a Series B round. The company is backed by 12 investors, including notable names like 2am VC, Fireside Ventures, and Accel.
Keep reading to explore the intricacies of Newme's fundraising journey and the investors backing this innovative fashion platform.
What Is Newme?
Newme is a Gen Z-focused fashion startup that offers diverse women's fashion trends. Based in Bengaluru, Karnataka, India, the company operates in the E-Commerce, Fashion, Retail, Retail Technology, and Women's sectors.
Founded as a private company, Newme has grown to employ between 101-250 people. The company has successfully raised funding over six rounds, with the latest being a Series B round.
How Much Funding Has Newme Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: June 2022
- Lead Investors: Afore Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial product development.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: November 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and operations.
- Seed Round
- Amount Raised: USD 5.4 million
- Date: January 2024
- Lead Investors: Fireside Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand manufacturing, improve the supply chain, and build a technology team.
- Series A Round
- Amount Raised: USD 18 million
- Date: July 2024
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand market reach.
- Debt Financing
- Amount Raised: USD 1.6 million
- Date: November 2025
- Lead Investors: InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To manage cash flow and operational expenses.
- Series B Round
- Amount Raised: USD 13.2 million
- Date: November 2025
- Lead Investors: Accel, Fireside Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand market presence and enhance product offerings.
Total Amount Raised: USD 38.2 million. Current Valuation: Not publicly disclosed.
Key Investors
- Accel
- Details: Accel is a global venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of growth. They have a long history of backing successful companies.
- Investment Focus Areas: Technology, Consumer, Enterprise
- Notable Investments: Facebook, Slack, Dropbox
- Fireside Ventures
- Details: Fireside Ventures is an India-based venture capital firm that focuses on early-stage consumer brand investments. They aim to support innovative consumer brands in India.
- Investment Focus Areas: Consumer Brands, Food & Beverage, Health & Wellness
- Notable Investments: Mamaearth, Boat, Vahdam Teas
- InnoVen Capital
- Details: InnoVen Capital is Asia's leading venture lending firm providing debt capital to high-growth ventures. They offer flexible financing solutions to startups.
- Investment Focus Areas: Technology, Consumer, Healthcare
- Notable Investments: Swiggy, Byju's, OYO
- Afore Capital
- Details: Afore Capital is a pre-seed focused venture fund that invests in founders at the earliest stages. They are known for their hands-on approach and support.
- Investment Focus Areas: Technology, SaaS, Fintech
- Notable Investments: Modern Health, Petal, BetterUp
What's Next for Newme?
Newme is poised for significant growth, with plans to expand its offline presence from two to 20 cities, adding 1.5 lakh square feet of retail space. This expansion, coupled with a focus on enhancing the supply chain and increasing local manufacturing to 50%, positions Newme to capture a larger share of the Gen Z market.
Future fundraising opportunities are likely as Newme scales its operations and market presence. The company's previous successful funding rounds and ambitious expansion plans suggest that additional investment will be sought to support these goals. Strategic partnerships or acquisitions may also be on the horizon to bolster technological capabilities and market reach.
However, Newme will face challenges such as managing the balance between local and international manufacturing, ensuring supply chain efficiency, and competing with established fast fashion brands. Addressing these challenges will be crucial for sustaining growth and maintaining a competitive edge in the fast-paced fashion industry.
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