ThirdLove, a US-based lingerie brand backed by telecommunications company Novel Group, closed a $55m funding round yesterday backed by L Catterton, the private equity firm co-founded by luxury consumer goods conglomerate LVMH.
Investment bank Allen & Company, Felicis Ventures, Valor Equity and assorted angel investors also backed the round. ThirdLove had not sought to raise capital but was pre-emptively approached by L Catterton and Allen & Company about wanting to invest.
ThirdLove has developed a mobile app to help women find their ideal bra size through proprietary algorithms, and manufactures underwear in 78 different sizes and bands. The company was the first to introduce half-cup sizes.
The funding will enable ThirdLove to further expand the number of sizes and styles it offers, as well as increase its product offering and improve its fitting technology.
ThirdLove previously raised $8m in a series A round led by New Enterprise Associates (NEA), with participation from angel investors.
NEA had also led a $5.6m seed round in 2013 alongside participation from Novel TMT Ventures, Novel Group’s corporate venturing unit, and various private backers.
Heidi Zak, co-founder and co-chief executive of ThirdLove, said: “This new funding round allows us to continue delivering on ThirdLove’s mission to create a bra for everybody. We are more dedicated than ever to giving all women the level of choice they deserve.
“We recently increased our offerings to a total of 78 bra sizes in five beautiful styles and we have no intention of stopping here.”
