With 10,000 clients, a staff of 50 and sales doubling every other month, San Francisco based FashionTech startup Stitch Fix has raised a $4.75 million Series A.
The company uses data points from profile information to create a “Style Genome” that helps personal stylists pick out items just for you. With a $20 box styling fee, the personal stylist choses five items that cost about $65 each to ship to the customer who sends back what she doesn’t want.
Personal shopping has been around for a long time but the proprietary technology makes the customization much cheaper and more accessible. The company has seen viral growth and currently has a wait list. The new funding will be used to hire more staff, grow inventory, logistical components, product offerings and general reach.
The round was lead by Instagram investor Baseline Ventures and Lightspeed Venture Partners. This is Baseline’s second FashionTech Investment this year after investing in eyewear e-commerce site and Warby Parker competitor Rivet & Sway early this month.
The company was founded by CEO Katrina Lake who previously managed marketing and blogger outreach for Polyvore. The Harvard MBA graduate shares more information about the company today in this interview on TechCrunch.