According to a recent SEC filing Thursday, women’s fashion company Nasty Gal just raised $12.7 million out of the $16 million it was gunning for. At first, the money appeared to have come from Index Ventures, since partner Danny Rimer was listed as a related person on the filing alongside founder Sophia Amoruso, CFO Bob Ross, and CEO Sheree Waterson.
After this story published, Nasty Gal put out a press release late Thursday night saying the company closed the full $16 million in Series C funding, and the round was lead by former Apple executive Ron Johnson with participation from Index. We’ve reached out to ask why the full amount wasn’t included on the SEC filing, and we’ll update this if we hear back.
This is a comparatively small amount for Nasty Gal, since its last round was a $40 million Series B, led by Index. Normally rounds get bigger as the company grows unless there’s trouble with the business and investors decrease their valuation expectations.
Nasty Gal has gone through a rough period as of late, reportedly laying off ten percent of its staff as the result of a steep decline in business. In January, the CEO and original founder Sophia Amoruso stepped down and let Chief Product Officer Sheree Waterson take the reins.
Nasty Gal’s leadership has been known for taking a cautious path, so it’s possible they didn’t want to raise any more money than absolutely necessary. Its last funding round was years ago, in 2012.
Updated Friday morning to include the information from Nasty Gal’s release.