Just a month after merging with former rival ShoeDazzle, subscription e-commerce startup JustFab has raised $40 million, led by Hong Kong-based Shining Capital Management. The Series C round of financing brings the company’s total amount raised to almost $150 million and will be used to boost international expansion, broaden its range of products and fund potential acquisitions.
While consumers can purchase fashion and accessories from plenty of sites, JustFab said it’s been able to reach 35 million members with exclusively-designed styles and a subscription plan that lets “VIP members” purchase monthly items for $39.99. The startup has said its goal is to be “the next H&M or Forever 21-type brand.”
In the last year, it’s extended its service to Europe and Canada and said that in Europe alone, it’s added more than three million members, with 400,000 new European members joining every month.
In addition to Shining Capital, previous investors Matrix Partners, Technology Crossover Ventures, Rho Capital Partners and Intelligent Beauty participated in the round.