Stitch Fix, an online personal shopping platform, has raised $12 million in Series B funding led by Benchmark, bringing the company’s total to-date funding to over $17 million. The company was seeded with $795,000 in 2011, garnering a valuation of about $4.3 million at the time, and also previously raised $4.75 million of Series A funding earlier this year.
The new funding will help Stitch Fix continue to scale to meet the demands of its growing client base. Using a combination of styling algorithms and the human touch of trained stylists, Stitch Fix ships five hand-selected items to its clients to try on in the comfort and convenience of their own homes, with their own existing wardrobes. Clients keep what they like and return what they don’t.
The idea of an online personal shopping service is still relatively new, but it’s starting to catch on. We aren’t all blessed with the fashion sense of the Hollywood stars who grace the covers of GQ and Vogue (or their personal stylists), so it’s nice to get a little fashion help from people who know what they’re doing—and getting custom-picked items delivered to your door isn’t too shabby. Aside from Stitch Fix, several other companies in the online personal shopping space have attracted VC investments in recent years, including True&Co., which raised $4 million earlier this month, and Trunk Club, which raised $11 million in 2011.