Is JustFab on a quest for world domination? You tell me. (Short answer: doy.)
Little more than a month after the subscription shoe giant acquired rival subscription shoe giant Shoedazzle, JustFab is announcing that it has raised another round of funding: $40 million in a Series C round led by Hong Kong-based Shining Capital Management. Existing investors Matrix Partners, Rho Ventures, Technology Crossover Ventures (TCV) and Intelligent Beauty also participated in the round.
With 35 million members worldwide, JustFab is ramping up its international expansion. Back in May, the company acquired The Fab Shoes to get a foothold (ba-dum-psh!) in France and Spain. Since then, the company has gone on to amass more than three million members in Europe alone. The platform is gaining some 400,000 new members in Europe each month.
“Adam and Don have built JustFab Inc. into the dominant force in fashion e-commerce both in the US and abroad in just three years,” said Shining Capital founder Xiangwei Weng, in a statement. “They are first-class entrepreneurs, and we are excited to be working with them as they apply their impressive expertise and vision to new global markets which have tremendous growth potential, such as China.”
“We really like the team at Shining Capital, and they have a wealth of information on Asia, a marketplace that we’re not familiar with, and which could be intriguing for future expansion,” JustFab co-CEO Adam Goldenberg told me. But he also said that JustFab isn’t committed to launching in Asia at this time.
In a previous interview, Goldenberg pointed out that setting up shop in Asia would be very different from entering the European market, as JustFab’s styles crossover more easily in Europe than they would in Asian markets. But an expansion into Asia does seem to be on the radar, however distantly.
The company plans to use the new capital to fund future acquisitions and “other opportunities for growth.” Goldenberg declined to go into detail on what kinds of markets and companies JustFab is looking at, other than to say the company isn’t actually looking at any acquisition opportunities at this exact moment.
“We want to have the capital if the right opportunity came along but we’re not looking to do any acquisitions now,” said Goldenberg.
In addition to the U.S., JustFab is currently active in Canada, Germany, the United Kingdom, France and Spain. The new round brings JustFab’s total funding to $149 million since 2011.