Fashion eTailer Raises New Round Of Financing
Three years ago, the Pasadena-based company launched its personalized shopping service for women that matches clothing to very specific shapes and sizes. A patented matching engine literally shows a member only garments that fit and flatter them.
Last fall, the startup raised $12 million in funding from Lehman Brothers Venture Partners, Draper Fisher Jurvetson, and angel groups Pasadena Angels and Tech Coast Angels.
A company representative confirmed that this is a separate round, but would not provide additional details until a formal announcement is made. SocialTech.com first reported the news.
MyShape is competing in an increasingly crowded field of personalized fashion-oriented sites, including Polyvore, Fashion Playtes, StyleCaster and Stylefeeder.
To stay competitive, last year, the site added to the personalized shopping service a recommendation engine from Baynote that layers into the member's view items that other viewers of specific products have also considered.
According to Baynote and myShape, the result was a 16% lift in average order value, a 30% rise in revenue and a 200% lift in conversions.
Also, earlier this year, eHarmony chose myShape to be the exclusive fashion e-tailer for the dating site's Advice Date Planner service, which offers women their own "personal shop" with fashions from some 200 designers.