How Much Did ThirdLove Raise? Funding & Key Investors

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.

Keep reading to explore the intricacies of ThirdLove's fundraising journey and the investors backing this innovative women's lifestyle brand.

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?

1. Debt Financing
   • Amount Raised: USD 12,000,000
   • Date: August 2023
   • Lead Investors: Second Avenue Capital Partners
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support ongoing operations and strategic initiatives without diluting equity.
2. Series Unknown
   • Date: February 2021
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: Likely to fuel growth and expand market reach.
3. Series B
   • Amount Raised: USD 55,000,000
   • Date: February 2019
   • Lead Investors: Allen & Company, L Catterton
   • Valuation at Round: Over USD 750,000,000
   • Motivation Behind the Round: To continue growth and potentially reach unicorn status.
4. Series A
   • Amount Raised: USD 8,000,000
   • Date: February 2016
   • Lead Investors: New Enterprise Associates
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale operations and enhance product offerings.
5. Series A
   • Date: May 2015
   • Lead Investors: New Enterprise Associates
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support early-stage growth and development.
6. Seed
   • Amount Raised: USD 5,600,000
   • Date: August 2013
   • Lead Investors: New Enterprise Associates
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To launch the brand and establish a market presence.

Total Amount Raised: USD 80,600,000. Current Valuation: Not publicly disclosed.

Key Investors

• Second Avenue Capital Partners
  • Details: Second Avenue Capital Partners is a financial firm that provides capital solutions to middle-market companies. They were the lead investor in ThirdLove's Debt Financing round.
  • Investment Focus Areas: Middle-market companies, capital solutions, strategic initiatives.
  • Notable Investments: Debt Financing for ThirdLove.
• Allen & Company
  • Details: Allen & Company is an investment bank that provides financial advisory services and investment banking. They participated in ThirdLove's Series B round.
  • Investment Focus Areas: Financial advisory, investment banking, capital markets.
  • Notable Investments: Google, Facebook, Twitter.
• L Catterton
  • Details: L Catterton is a consumer-brand focused investment firm known for investing in companies with strong market presence. They were a key investor in ThirdLove's Series B round.
  • Investment Focus Areas: Consumer brands, market presence, growth potential.
  • Notable Investments: Peloton, Equinox, Restoration Hardware.
• New Enterprise Associates
  • Details: New Enterprise Associates is a venture capital firm that invests in technology and healthcare companies. They led ThirdLove's Series A and Seed rounds.
  • Investment Focus Areas: Technology, healthcare, early-stage companies.
  • Notable Investments: 23andMe, Robinhood, Coursera.
• Anne Wojcicki
  • Details: Anne Wojcicki is the CEO of 23andMe, a genetic testing company. She is known for her work in the biotech and health sectors and 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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