An on-demand fashion rental startup with designs on delivering unlimited clothing and accessories to its members has gotten a cash infusion towards achieving that goal.
It was announced yesterday (Nov. 19) that the fashion subscription service Le Tote secured a $15 million Series B funding round led by AITV, with participation from existing investors Lerer Hippeau Ventures, Azure Capital, Simon Venture Group, Epic Ventures and Funders Club.
Launched in 2012 with a flat monthly fee subscription structure, Le Tote expressed in a press release that its data-driven service has put the company on track in 2015 to deliver more than 2 million items to customers, achieve 500 percent year-over-year revenue growth for the second consecutive year and quadruple its workforce.
“We’ve been helping empower women and improving their lives by making fashion affordable and accessible to every woman in America everyday, while also rethinking how people interact with their closets and the retail industry as a whole,” said Rakesh Tondon, CEO and cofounder of Le Tote, in the press release. “We’ve built up a top-notch leadership team over the past year that is already helping us more effectively analyze and share data with brands and customers, and we’re ready to do so much more with the continued support of our investors.”
“We’ve watched Le Tote fuel its growth by innovating quickly based on data and customer feedback, and we couldn’t be more pleased to continue our investment in the company, technology and team,” Bill Malloy, general partner at AITV and Le Tote board member, also commented in the release. “More than ever, customers are demanding instant gratification from the brands they interact with, and Le Tote has been able to rise to the occasion with product enhancements like the ability to customize shipments ahead of delivery and the introduction of its mobile app, which is the best way to use the service on the go.”