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"Most firms we spoke with would say they knew people in this industry or that. In the end, we found that Fidelity Growth Partners Europe were the ones that could open the doors for us." Kevin O'Leary, CEO, Qumas
Stylistpick.com raises $11 million led by Fidelity Growth Partners Europe
Date:
Wed, 01/02/2012 - 12:00
February 1st 2012 - Stylistpick.com, the subscription-based fast fashion brand,today announces a $11 million Series B round of funding from Fidelity Growth Partners Europe (FGPE) with existing investors Accel Partners and Index Ventures participating. Davor Hebel, Partner at FGPE, joins Stylistpick's board. The funds will be used to accelerate the growth of the business in the UK and to expand into new markets.
Stylistpick is one of the UK's fastest growing online start-ups. It has attracted over 600,000 members since it launched a little over a year ago and saw quarter on quarter revenue triple in the final quarter of 2011.
New subscribers complete a style quiz to establish their fashion profile. For £39.95 a month, they then receive a monthly online showroom - tailored
recommendations of shoes, bags and jewellery - created by celebrity stylists and tailored to their taste. The service is very flexible and lets members skip a month's subscription or cancel their membership at any time.
Launched in November 2010, Stylistpick received an initial $8 million in a Series A funding from Accel Partners and Index Ventures in April 2011. In the Fall of 2011 the company also announced an exclusive collaboration with celebrity Cheryl Cole, who serves as the company's ambassador and designs her own Stylistpick collections available on the site.
CEO Felix Leuschner commented: "Stylistpick is growing very quickly, and we're eager to take the business to the next level. The round of funding from Fidelity, Accel Partners and Index Ventures will allow us to scale our operations and expand into new markets. The three investors share our vision of building the next generation online fashion company, and we're very excited to be working with them."
FGPE Partner Davor Hebel commented: "We are excited to back Felix and his team on their quest to offer affordable, personalised fashion to customers across Europe. The traction they have achieved in their first year of operation clearly demonstrates the strength of the consumer demand in the market and the quality of their product. We believe Stylistpick will become another great European ecommerce success story."
About Stylistpick
Stylistpick is a new way of shopping for the latest on-trend accessories, combining a personalised subscription styling service with the ease of shopping online. Members complete a style quiz to discover their individual style profile. Then each month they receive a personalised selection of new shoes, bags and jewellery to choose from, edited by celebrity stylists, who also provide styling tips. Stylists include Britain & Ireland's Next Top Model's Grace Woodward and MTV's Louise Roe. Cheryl Cole also designs an exclusive premium collection for the company as well selecting her favourite styles from the main range. The Stylistpick fixed price range is priced at just £39.95, with Cheryl Cole's range at £79.90 to £119.85, with free delivery. For more information, visit www.stylistpick.com.