FabFitFun raises $3.5 million to add staff
October 13, 2015 02:25 PM
Beauty and wellness retailer FabFitFun has leveraged the success of its quarterly subscription model into its first round of funding.
The 5-year-old company just raised $3.5 million, its first funding. A FabFitFun spokeswoman says the company has 1 million members and plans to use the funding to double its current workforce if ariybd 35 employees within a year. The spokeswoman says the company is projecting $15 million in sales in 2015.
“This investment is going to enable us to create an even more compelling experience that will further surprise, delight, and enrich the lives of the FabFitFun women," co-founder and co-CEO Michael Broukhim said in a statement.
Venture capital firms New Enterprise Associates and Upfront Ventures led the funding round. According to CrunchBase, New Enterprise Associates is also an investor in online marketplace Jet.com, ride sharing app Uber, and prepackaged meal delivery service Green Chef. Upfront Ventures meanwhile has invested in retail chain Ulta Beauty (No. 196 in the 2015 Internet Retailer Top 500), web-only lingerie retailer Adore Me (No. 634 in the 2015 Internet Retailer Second 500 Guide), and same day delivery service Deliv, which just expanded its partnership with retail chain Kohl’s Corp. (No. 22 in the 2015 Top 500).