Author: Jonathan Marino

Perella Weinberg Partners announced it will launch PWP Growth Equity, a lower middle market fund. David Ferguson and Chip Baird, both Western Presidio veterans, will join the firm as partners, and will be based in New York.

PRESS RELEASE:

New York, March 7, 2013 – Perella Weinberg Partners, a leading, independent financial services firm providing advisory and asset management services to clients globally, today announced that it will launch PWP Growth Equity, a new private equity strategy focused on investing in growth companies in the lower middle market. The new strategy will be led by David Ferguson and Chip Baird, investment veterans who have joined the Firm as Partners in its Asset Management business. They will be based in New York.

Mr. Ferguson and Mr. Baird join Perella Weinberg Partners from Weston Presidio, a lower middle market private equity firm, where they were both Partners. Mr. Ferguson and Mr. Baird have 40 years of experience in private equity and investing, collectively.

The PWP Growth Equity strategy will invest primarily in lower middle market companies across the consumer, services and industrials sectors. The strategy will focus on investments in businesses with strong management leadership, large addressable markets, compelling margins and cash flow conversion, differentiated products or services, and strong growth prospects.

Terry Meguid, Founding Partner and head of the Firm’s Asset Management business, stated, “Identifying proven and experienced professionals to lead new strategies and further diversify our offering of alternative investment solutions continues to be a primary focus for the Firm. Dave and Chip have a demonstrated track record of successfully sourcing, overseeing and exiting compelling investments and delivering attractive returns for investors.”

Sandy Haas, Deputy Head of Asset Management, added, “With the welcome addition of Dave and Chip, our Growth Equity activity becomes Perella Weinberg Partners’ eighth investment strategy and third private capital strategy, and we are excited to be offering this new opportunity to investors.”

David Ferguson stated, “Perella Weinberg Partners is a leading global diversified alternative asset manager that is highly regarded for offering quality alternative investment products. Its reputation, coupled with its institutional infrastructure, made them the ideal partner for our new venture. We are excited to be launching this new strategy under the Perella Weinberg Partners franchise.”

Chip Baird said, “Dave and I have significant experience investing in the consumer, services and industrials sectors. We look to build supportive relationships with management teams to help them achieve long-term value. We assist our partners’ value creation efforts and we look forward to continuing this work as part of the Perella Weinberg Partners team.”

Trench Plate Acquisition
The Growth Equity team led the acquisition of Trench Plate Rental Company (“Trench Plate”) in partnership with its management team in August of 2012. Trench Plate is one of the largest providers of government-mandated trench safety equipment to the underground construction industry in the Western U.S. The company operates 11 branches in Southern California, Northern California, Las Vegas, Reno, and Houston. The company has a strong, established market position and significant asset base that allows it to capitalize on the industry and macroeconomic tailwinds.

Fashion to Figure Investment
In February of 2013, the Growth Equity team completed its second investment in Fashion to Figure, the only fast-fashion retail chain dedicated solely to plus-size women’s fashion. Fashion to Figure provides up-to-the-minute fashion trends at value prices. The company has 11 locations across the United States and it operates an online retail business. Fashion to Figure was founded, and is currently led, by the great-grandsons of Lena H. Bryant, the revolutionary businesswoman and visionary dressmaker who invented full-fashion over 100 years ago.

Perella Weinberg Partners Asset Management Business
PWP Growth Equity is the third strategy to be launched by Perella Weinberg Partners in the last year. In March of 2012, the Firm introduced PWP Diversified Equities, a fundamental long/short equity and event-driven strategy led by Partner and Portfolio Manager, David Baker. In August of 2012, the Firm launched PWP Alpha Europe, a European long/short equity strategy led by Partner and Portfolio Manager Andrew Dickson. Perella Weinberg Partners Asset Management business is comprised of eight strategies with more than $8.6 billion in assets under management and capital commitments.

Biographies

David Ferguson – PWP Growth Equity
Mr. Ferguson is a Partner at Perella Weinberg Partners. He has been in the private equity industry for 25 years, during which time he has invested in a variety of industries and has served on the boards of directors of over 30 former portfolio companies. Mr. Ferguson was a Partner at JPMorgan Partners (and its predecessor organizations, Chase Capital Partners and Chemical Venture Partners) and, most recently, a Partner at Weston Presidio. Previously, Mr. Ferguson worked in the Mergers and Acquisitions Groups of Bankers Trust and Prudential Securities. He is a Certified Public Accountant and worked in the Audit Departments of Deloitte & Touche and KPMG.

Mr. Ferguson received a Bachelor of Arts in Accounting from Loyola University Maryland and a Masters in Business Administration from the Wharton School of Business at the University of Pennsylvania.

Chip Baird – PWP Growth Equity
Mr. Baird is a Partner at Perella Weinberg Partners. He began his investing career over 15 years ago and has extensive experience across a wide range of industries, having served on the board of directors of numerous portfolio companies.

Prior to joining Perella Weinberg Partners, Mr. Baird was a Partner at Weston Presidio. Previously, Mr. Baird was a private equity investor with The Beacon Group, where he focused on business and industrial services, energy, and general manufacturing companies. Mr. Baird began his career in the Investment Banking Division at Merrill Lynch, working on mergers and acquisitions, high-yield financings and public equity offerings.

Mr. Baird received a Bachelor of Science in Finance and International Business from the Pennsylvania State University and a Masters in Business Administration from Harvard Business School.

About Perella Weinberg Partners
Perella Weinberg Partners is a leading independent, client-focused financial services firm providing advisory and asset management services to a broad, global client base, including corporations, institutions and governments. The Advisory business advises clients on mergers, acquisitions, defense advisory, financial restructuring, private capital raising, and pension matters. The Asset Management business includes a suite of hedge fund strategies, private investment funds (including real estate) and outsourced CIO solutions. Together with its affiliates, the Asset Management business has capital commitments and managed assets of approximately $8.6 billion. With more than 400 employees, Perella Weinberg Partners maintains offices in New York, London, Abu Dhabi, Austin, Beijing, Denver, Dubai, and San Francisco. For more information on Perella Weinberg Partners, please visithttp://www.pwpartners.com.

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Capricor, a privately-held biotechnology company treating cardiac patients, is adding Anthony Davies as its newly-minted CTO. The company is based in Los Angeles.

PRESS RELEASE:

Capricor, Inc., a privately held biotechnology company whose cardiac-derived stem cells (CDCs) are being studied as a potentially novel treatment to repair the heart following large heart attacks, announced today that it has appointed Anthony Davies, Ph.D., to the newly created position of Chief Technology Officer. Dr. Davies will be responsible for manufacturing, development and expansion of Capricor’s cell-based therapeutic portfolio and will report to Linda Marbán, Ph.D., Chief Executive Officer of Capricor.
Dr. Marbán said, “Dr. Davies is a 20-year veteran of the biotech industry, 15 years of which have been in cell and gene therapy. He brings with him an impressive track record in manufacturing, operational management and commercial development, most recently as Vice President, Product Development for Geron Corporation’s cell therapy programs. He is an important addition to Capricor’s management team as Capricor proceeds with the ongoing enrollment of ALLSTAR, the Phase I/II study of our lead product candidate, cardiac-stem cell derived CAP-1002.”
Prior to joining Geron Corporation, Dr. Davies had a successful career in process development and manufacturing at notable companies such as Serologicals Corporation, Velico Medical, Inc. (formerly ZymeQuest, Inc.) and Onyx Pharmaceuticals, Inc. While at Onyx, Dr. Davies was part of the development team for Nexavar®, a kinase inhibitor with nearly a billion dollars in worldwide sales.

Commenting on his appointment, Dr. Davies said, “Having spent a significant part of my career in cell therapy, I view Capricor as the most exciting company in the arena. Capricor’s cardiac stem cell therapy is highly differentiated and addresses the huge unmet need of heart disease. I look forward to working with Dr. Marbán and the Capricor team to bring CAP-1002 to patients.”
Dr. Davies received a MA in Biochemistry from the University of Cambridge and a Ph.D. from the University of Birmingham. He conducted postdoctoral research at the Institute of Virology at Oxford and the University of California, San Francisco.
About CAP-1002
CAP-1002, Capricor’s lead product candidate, is a proprietary allogeneic adult stem cell therapy for the treatment of cardiac damage resulting from a heart attack. The product is derived from donor heart tissue. The cells are expanded in the laboratory using a specialized process and then introduced directly into a patient’s heart via infusion into a coronary artery using standard cardiac catheterization techniques.
CAP-1002 is currently not an approved product and is strictly for investigational purposes.
About Capricor, Inc.
Los Angeles-based Capricor is a privately held biotechnology company that aims to create powerful, yet easy-to-administer cardiac stem cell treatments to regenerate damaged heart muscle and improve heart function for patients having suffered a heart attack. Using proprietary technology, Capricor is working to develop and commercialize therapies that utilize stem cells that are indigenous to the heart itself. Where most other organizations derive stem cells from a range of pre-cursor and non-cardiac tissues and then attempt to differentiate those cells to become and support heart tissue, Capricor’s work begins and ends with the heart.
Phase II of Capricor’s ALLSTAR clinical trial is funded in part through the support of the California Institute for Regenerative Medicine.

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Avante Mezzanine Partners is providing debt and equity to support Sverica International’s acquisition of Dexmet Corp. Dexmet is based in Connecticut and develops metals and polymeric materials.

PRESS RELEASE:
Los Angeles, California – Avante Mezzanine Partners announced today that it has provided subordinated debt and an equity co-invest to support the acquisition of Dexmet Corporation by Sverica International Investment Fund III. Headquartered in Wallingford, Connecticut, Dexmet is the leading developer and manufacturer of highly engineered, expanded metals and polymeric materials. Dexmet’s products function as mission-critical components on aircraft to protect against lightning strikes, on high-performance batteries to support conductivity and structure, and on a variety of other niche applications.

“Avante proved to be an excellent mezzanine partner as they showed flexibility in pricing and structuring, conducted efficient diligence, and delivered on what they promised,” said Dave Finley, a Managing Director at Sverica International. “This was our first deal with Avante and we were impressed with their ability to provide a seamless, one-stop financing solution alongside Abacus Finance.”

“We are thrilled to support Sverica and its acquisition of Dexmet,” said Jeri Harman, Founder and Partner of Avante. “We pride ourselves in building relationships with quality sponsors such as Sverica. Additionally, Dexmet’s dominant market position, defensible niche and attractive growth drivers made it an ideal fit with Avante. We are excited to witness Dexmet’s next stage of growth under Sverica’s experienced guidance and look forward to supporting the company in its future endeavors.”

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San Francisco-based private equity firm Genstar Capital will acquire Michigan-based Acrisure, a retail insurance brokerage. Specifics on the deal were not publicized. AcquiGrowth Capital advised Genstar and Dowling Hales advised Acrisure.

PRESS RELEASE:
____________________________________________________________________

SAN FRANCISCO, March 1, 2013 – Genstar Capital, LLC, a middle market private equity firm that focuses on investments in selected segments of the insurance and financial services, software, life sciences, healthcare, and industrial technology industries, today announced the acquisition of Acrisure, a leading retail insurance brokerage organization.

Based in Grand Rapids, Michigan, Acrisure is the 50th largest privately owned insurance agency in the United States whose product lines include property & casualty, employee benefits and related third party administrator services, human resource outsourcing, loss & claims management, surety bonding and personal lines coverage. The company was co-founded in 2005 by CEO Greg Williams to acquire independent insurance agencies across the Midwest and since then has completed 26 acquisitions.

Mr. Williams, said, “I am pleased to be partnering with the team at Genstar who bring a proven track record of growing and building a company like ours in the insurance industry. We have a shared vision to continue Acrisure’s growth both organically and through strategic acquisitions and Genstar is the ideal partner who brings additional resources and valuable expertise as we acquire strategic add-on opportunities and accelerate the growth of the Acrisure portfolio.”

J. Ryan Clark, a Managing Director at Genstar, as well as Tony Salewski and David Golde of Genstar will join the Acrisure Board of Directors. In addition, John Addeo, retired CEO of Genstar’s former portfolio company, Confie Seguros, will also join the Acrisure Board.
Mr. Clark, said, “Greg is a highly successful and capable leader who has built Acrisure into one of the leading insurance agencies in the Midwest. We were attracted by the company’s historically strong performance, both organically and through acquisitions, its broad set of capabilities, and the high quality of the management team and local agency partners. By working with Greg and his team we believe we have an opportunity to leverage Genstar’s extensive insurance executive network to accelerate growth and expand the company’s footprint nationally.”

Genstar pursued a similar growth strategy with its former portfolio company Confie Seguros, which Genstar helped build into the pre-eminent national insurance distribution company primarily focused on the needs of Hispanic consumers. Genstar partnered with John Addeo and other leading insurance industry executives in 2008 to establish Confie Seguros and grew the company to over 300 retail locations with annual revenues approaching $200 million by 2012. Significant value was created through a robust acquisition program (38 add-on acquisitions under Genstar ownership), organic EBITDA growth and cash flow generation. Genstar completed a successful sale of Confie Seguros in November 2012.

Jean-Pierre L. Conte, Managing Director and Chairman of Genstar, said, “Genstar continues to expand and deepen its commitment to the financial services vertical. We have a reputation for executing innovative transactions across a wide spectrum of the financial services sector by partnering with high-quality management teams in businesses that exhibit attractive growth opportunities. Combined with our strong relationships with industry experts, which can be invaluable for management teams as they look to expand their businesses and execute on strategic objectives, we make long-term capital investments and provide our expertise to support the strategic and financial objectives of the companies in which we invest.”

The firm’s current investments in the insurance and financial services sector include Innovative Aftermarket Systems, a premier marketer, administrator and underwriter of vehicle protection products and related services sold through automobile dealers; Insurity, a provider of core insurance processing software and services; Granite Global Solutions, a leading Canadian provider of risk mitigation services to insurance and corporate clients; MidCap Financial, a commercial finance firm focused on providing debt solutions to middle-market healthcare companies; and 21st Services, a provider of life expectancy estimates and portfolio servicing for the life settlement market.

AcquiGrowth Capital advised Genstar and Dowling Hales advised Acrisure on the transaction.

About Genstar Capital, LLC
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar has more than $4 billion of committed capital under management and targets investments focused on selected sectors within the life science, healthcare services, software and software services, insurance and financial services, and industrial technology industries.

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Trive Capital, the Dallas-based private equity firm, is acquiring Michigan-based automotive industry part maker Huron Inc. The deal marks the third buy for Trive in eight months since it was launched. Donnelly Penman & Partners advised the company and Patton Boggs was legal counsel to Trive.

PRESS RELEASE:

DALLAS, Texas and LEXINGTON, Michigan – Trive Capital (“Trive”), the Dallas, TX based private equity firm, is proud to announce its acquisition of Huron, Inc. (“Huron” or the “Company”).

Huron, based in Lexington, Michigan and founded in 1943, is a leading supplier of value-added tubular assemblies and precision machined products for the automotive industry. The Company utilizes advanced technologies, vertically integrated processes, and state-of-the-art systems to engineer and manufacture a diverse variety of customized products for the automotive industry. The Company is a leader in working with automotive manufacturers to deliver fuel-efficient powertrain technologies.
Conner Searcy, Managing Partner at Trive, commented, “The Huron acquisition represents Trive’s third platform investment since launching the firm just eight months ago. We are thrilled to add such a strong business to our existing portfolio, and we look forward to partnering with the Company and its talented employees to capitalize on several tangible near term opportunities.”
Robert M. Bales, Huron’s President & CEO, stated, “The management team is excited about the opportunity to partner with Trive Capital. The relationship will strengthen Huron’s position as a top-tier industry supplier and will provide the financial and operational support needed to continue our business success. The future has never been brighter for our company, and the timing of this partnership positions us very well.”
Chris Zugaro, Partner at Trive, noted, “Trive aims to partner with strategically viable businesses on the cusp of a stepwise improvement in performance. We respect the long-standing relationships Huron has with its customers, suppliers, and employees and look forward to leveraging our deep experience within the automotive space to further enhance the business.”
Donnelly Penman & Partners served as financial advisor to the Company, and Patton Boggs LLP served as legal counsel to Trive with respect to the transaction.
About Huron, Inc.
Huron, Inc., based in Lexington, Michigan, is the leading supplier of value-added tubular assemblies and precision components used in automotive engine, transmission, fuel, and climate control systems. The Company is one of the largest independent producers of precision bar-turned products in the U.S. and has successfully expanded into specialized tubular fabrication. For more information about Huron, visit www.huroninc.com.
About Trive Capital
Trive Capital (www.trivecapital.com) is a Dallas, TX-based private equity firm focused on acquiring strategically viable, under-resourced middle-market companies with the potential for transformational upside. Trive utilizes proven operational best practices and identifies actionable opportunities that allow businesses, shareholders and employees to realize their full long-term potential.

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SRS Distribution, a Texas-based distributor of roofing supplies, has been sold to Berkshire Partners, the Boston private equity firm. Specifics on the deal were not publicized. SRS was previously a portfolio company of AEA Investors.

PRESS RELEASE:

Harris Williams & Co. Advises SRS Distribution in its Sale to Berkshire Partners

Richmond, VA, February 28, 2013 – Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of SRS Distribution Inc. (SRS), a leading national distributor of roofing supplies and related materials, to Berkshire Partners. SRS was a portfolio company of AEA Investors LP (AEA). Harris Williams & Co. acted as advisor to SRS. The transaction closed on February 28, 2013 and was led by Mike Hogan, Chris Williams, Ryan Nelson, and Brent Spiller from the firm’s Richmond office.

“SRS is a remarkable building products platform with an exceptional track record of growth and an outstanding management team. It has been a pleasure working with Ron Ross (CEO) and his team to find a new partner who shares the company’s vision for the future. We have a longstanding relationship with the AEA team and are delighted to have represented them on this transaction” said Mike Hogan, a managing director at Harris Williams & Co.

In 2012, Harris Williams & Co. also served as the exclusive advisor to Roofing Supply Group (RSG), another leading distributor of roofing supplies and related materials. “The SRS transaction is a further example of the strong investor interest in building products and materials companies. We expect the ongoing recovery in new construction will continue to drive M&A activity in the sector,” added Ryan Nelson, a director at Harris Williams & Co.

Headquartered in McKinney, TX, SRS is the fourth largest residential roofing distributor in the U.S. with 85 locations in 29 states under 19 different brands: Suncoast Roofers Supply (FL), Southern Shingles (TX/OK/LA/MO/AR), SRS Roofing Supply (AL), Rowe Supply (GA/SC), Atlanta Roofing Supply (GA), Cannon Supply (SC), Columbia Wholesale (SC), Midwest Roofing Supply (IL/MN), Gary-Hobart Roofing Supply (IN), River City Wholesale (KY), Superior Distribution (TN/MD/VA/NC), Shake & Shingle Supply (CO/KS/MO/NE/IL), Stewart Building & Roofing Supply (AZ), Roofline Supply (OR/CA/UT), Stoneway Roofing Supply (WA), Pace Supply (PA/CT), Burbank Roofing Supply Group (CA), ABCO Supply (MI) and Sierra Roofing Supply (NV).

AEA was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA’s active individual investors include an extraordinary network of more than 75 highly successful business executives, industrial families and former government leaders. Today, AEA’s over 60 investment professionals operate globally with offices in New York, Connecticut, London, Munich, Hong Kong and Shanghai. The firm manages funds that have over $6 billion of invested and committed capital including the leveraged buyouts of middle market companies and small businesses and mezzanine and senior debt investing. AEA Private Equity invests across four sectors: value added industrial products, specialty chemicals, consumer products / retail and services.

Berkshire Partners, the Boston-based investment firm, has invested in over 100 middle market companies since 1986 through eight private equity funds with aggregate capital commitments of $11 billion. Berkshire has developed specific industry experience in several areas including consumer products and retail, business services, industrial manufacturing, transportation and communications. Berkshire has a strong history of partnering with management teams to grow the companies in which it invests with the goal of consistently achieving superior investment returns. The firm is currently investing from Berkshire Fund VIII, a $4.5 billion fund raised in 2011. Berkshire seeks to invest $50 million to $500 million of equity capital in each portfolio company.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, board advisory, private placements and capital markets advisory services.

The firm has the leading middle market building products and materials practice, having closed over 75 sell-side M&A transactions, with a focus on a broad spectrum of related sectors with expertise that spans from lighter building products used in residential and commercial markets to heavy construction materials used in infrastructure applications. For more information on our building products and materials experience, contact Mike Hogan at +1 (804) 648-0072.

The firm also has the leading middle market specialty distribution practice, having closed over 60 sell-side M&A transactions across a spectrum of industries. For more information on our specialty distribution experience, contact Bob Baltimore at +1 (804) 648-0072.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

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San Francisco-based video chat company Rabbit has raised a $3.3 million seed round. Michael Birch, founder of Bebo, CrunchFund and Google Ventures all participated in the investment, as well as angel investors.

PRESS RELEASE:

Video Chat Innovator Rabbit Raises $3.3 Million Seed Round
Google Ventures, CrunchFund and Bebo founder Michael Birch join existing investors to fuel transformation of video chat into social communication and sharing
SAN FRANCISCO, Feb. 28, 2013 — Rabbit today announced that it has raised a $3.3 million seed round of funding. The round includes new investors Google Ventures, CrunchFund and Bebo founder Michael Birch as well as existing angel investors. The funding round was raised concurrent with the release of Rabbit in private beta earlier this month. The company plans to use the funding for continued investment in Rabbit’s revolutionary video chat and content sharing technology, and launch it out of private beta to users around the world.
Rabbit is the first and only application that allows you to watch videos, listen to music and share any type of content together while video chatting with your friends.
“Rabbit’s design and user experience is unlike anything I’ve seen,” said Kevin Rose, General Partner at Google Ventures. “Video chatting is always designed for utility, but Rabbit has created an online social experience that is closer to hanging out with your friends in real life. I can’t wait for the world to see it.”
Rabbit was founded by four videogame pioneers who saw a need in the market for a new approach to online communications: one that allows synchronous, real-time video chat and sharing of content with small or large groups. By combining current internet infrastructure with cutting-edge gaming, social and VOIP frameworks, as well as applying the principles of massively multiplayer online gaming (MMOGs) and new innovations in product design, Rabbit has delivered an application that is a quantum leap in video chat and social networking.
“Rabbit is one of those things that should have existed before but couldn’t because the technology simply wasn’t where it needed to be,” said MG Siegler from CrunchFund. “In the age of always-on internet, we’re ready for a paradigm shift in online communication and interaction. And this is the team to deliver on that promise.”
Rabbit is available in private beta today for Mac OS X (10.7 or higher) and will roll out to additional platforms in the coming months. For updates on general availability of Rabbit, please follow Rabbit on Twitter @LetsRabbit, or Like Rabbit on Facebook at facebook.com/LetsRabbit.
About Rabbit
Rabbit revolutionizes video chat: watch movies and TV shows with your friends, listen to music together, chat with an unlimited number of people, and even meet new ones — all in a single application.

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Stitch Fix, the San Francisco-based personal shopping platform, raised $4.75 million in its Series A. Investors Baseline Ventures and Lightspeed Venture Partners led the round and Western Technology Investment also participated.

PRESS RELEASE:

Online Styling Platform Stitch Fix Raises $4.75 Million in Series A Funding
Baseline Ventures and Lightspeed Venture Partners Investments Help Scale Consumer Business and Extend Product Offerings for Stitch Fix
SAN FRANCISCO — Stitch Fix, the personal shopping platform bringing the world of personal styling to a new, more accessible market, today announced the closing of its $4.75 million Series A funding round led by Baseline Ventures and Lightspeed Venture Partners, with participation from Western Technology Investment. This funding news crowns a year of rapid growth and product development for Stitch Fix, which has more than doubled its revenue since December 2012.
“We’ve created and armed our team of stylists with the best analytical tools in fashion to help them select and accurately identify the wardrobe items that best fit each client’s unique taste, lifestyle, size and budget,” said Katrina Lake, Founder and CEO of Stitch Fix. “This new round of funding will help us significantly scale our business and product offering to ensure we can meet the exciting growth we are experiencing.”
Stitch Fix has developed a suite of proprietary tools and services used by the team to physically deliver personal styling to more than 10,000 clients across the United States. This round of funding will enable the company to invest in and extend its offerings of retail tools, while scaling the company’s operational system by increasing inventory and logistical components to better service an expanding client base.

“The Stitch Fix team is pioneering a new wave of ecommerce and addressing a multi-billion dollar market opportunity that bridges the gap between the fashion industry and the consumer’s desire to access new and hard to find brands,” says Steve Anderson, Founder of Baseline Ventures. “The company’s early success with women across the country is proof that consumers are ready for truly personalized fashion delivered regularly to their doorstep.”
Stitch Fix’s team of expert stylists and engineers work together to capture the quintessence of fashion and design in a fundamental way. The company has created the first retail intelligence approach to closets comprised of deep data analytics and complex algorithms that recognize and match personal aspects of each client to specific aspects of clothing items and fashion trends. These efficient and effective styling tools enable Stitch Fix to deliver personal styling to the ‘everyday woman’s’ doorstep, helping her discover and incorporate on-trend looks into her wardrobe without leaving the house.
“Stitch Fix is the true marriage of the science of data and analytics with the art of fashion. By understanding a woman’s personal attributes, and understanding the attributes of fashion items, Stitch Fix can truly pack a perfect box of fashion items,” says Julie Bornstein, SVP of Digital at Sephora and Stitch Fix Board Member. “I’ve worked in ecommerce for over a decade and haven’t seen anything this exciting in fashion and technology.”
Since launching in 2011, Stitch Fix works with more than 200 contemporary women’s fashion brands and has delivered tens of thousands of Stitch Fixes – the company’s curated boxes of hand-selected garments and accessories.
About Stitch Fix:
Founded in 2011, Stitch Fix is the premiere online personal shopping platform, introducing the world of personal styling to women throughout the country at an accessible price point. Combining the art and science of fashion, Stitch Fix has built a suite of proprietary tools and style-matching technology used by the company’s expert styling team to identify the clothes and styles that best fit each client’s taste, budget and lifestyle. Clients receive Stitch Fix deliveries of five hand-selected garments to try in the comfort of their home, keep what they like and return what they don’t. Stitch Fix’s headquarters and warehouse are based in San Francisco, California.
For more information, visit www.stitchfix.com.

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