Online Shopping startup Stitch Fix gets USD12 million in Series B funding round
San Francisco-based online shopping startup Stitch Fix had raised USD12 million in Series B financing, according to a Techcrunch report. The investment round was led by Benchmark. Stitch Fix's recent capital infusion had brought the total financing received from investors to USD16.75 million.
Founder and CEO Katrina Lake told Techcrunch in an interview that the company had seen a 500% increase in its customer base and revenue since its Series A financing round in February this year. The previous funding round raised USD4.75 million for Stitch Fix. Lake said the growth was organic and that the new capital infusion would help the company keep it up.
Lake said, "We have been very pleasantly surprised with how much women are loving the service, and how much they're continuing to tell their friends, and how many bloggers are talking about the service as well. So really for us, raising being able to raise capital is part of being able to meet that demand and really foster that community of women we have talking about Stitch Fix... the organic growth that we've seen has far exceeded what we dreamed it would be."