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Footwear e-retailer ShoeDazzle.com raises $40 million
The web merchant plans to hire more workers and expand internationally.
ShoeDazzle.com, a company that sells footwear on a subscription model, has raised $40 million in new capital. Most of the money, $30 million, came from venture capital firm Andreessen Horowitz, with the rest coming from existing investors. Andreessen Horowitz partner John O’Farrell will join ShoeDazzle’s board, the e-retailer said today.
ShoeDazzle says it has 3 million members who have signed up for a free membership. Members tell ShoeDazzle their preferred shoe styles and every month the company sends them shoes and accessories that match those preferences, all priced at $39.95 each. After a customer makes an initial purchase, ShoeDazzle keeps on file that billing information, and customers who decline to make a monthly purchase are given credits for future monthly purchases. ShoeDazzle says that celebrities such as reality-show star Kim Kardashian help design the company’s products.
"This significant investment is a strong endorsement of our business model, strategy and management team and gives us the capital to continue to grow and innovate in the social shopping arena,” says Brian Lee, founder of ShoeDazzle.
He says the company plans to use the money to hire workers, expand in the United Kingdom and other markets and increase its product line.