(Bra)wesome! ThirdLove Raises $55 Million to Create Lingerie for Every Body
Apparently, the lingerie industry thinks fractions are a hoax.
Intimate apparel companies — particularly bra makers — have continually failed to create products for all body types, ignoring the “tweener” women whose curves defy whole numbers and the sizing specifications of yore.
But not all undergarment brands are flunking math. ThirdLove, the company that’s democratizing bras and underwear for women of all shapes, sizes, and skin tones, continues to question the modus cup-erandi in a $12 billion lingerie industry that hasn’t changed much since its inception more than 100 years ago. It’s what makes ThirdLove so refreshing, and a key reason why we’ve invested in each of its fundraises, starting with its seed round in 2013.
ThirdLove’s (bra)wesome team recently helped further their mission with a $55 million Series B led by L. Catterton and Allen & Company, bringing its total raised to $68 million. Aside from Ridge Ventures’ investment, participation in the round from female investors like 23andMe co-founder Anne Wojcicki, YouTube CEO Susan Wojcicki, and journalist Katie Couric, as well as AOL CEO Tim Armstrong, speaks to the legitimacy of, and belief in, ThirdLove’s product and leadership.
Speaking of leaders, ThirdLove’s husband-and-wife team of Heidi Zak and Dave Spector caught our attention from day one.
The ex-Google execs, who each contributed $50,000 of their own cheese to start ThirdLove back in 2013, easily clear our three Ds: Drive, Diversity, and DNA. David’s prior experience as a VC means he understands the characteristics of a profitable, high-margin e-commerce company with unique SKUs. For a shining example of “Drive,” look no further than Heidi’s widely publicized, guns-blazing response to ill-advised criticism from Victoria’s Secret CMO Ed Razek. Before her post as Google’s Senior Marketing Manager, she also spearheaded international operations as a Director at Aeropostale.
Like its form-fitting bras, ThirdLove’s business model fits Ridge’s e-commerce thesis to a tee. Beyond the aforementioned high gross margins, ThirdLove occupies a market ripe for innovation and devoid of many competitors (how many lingerie companies can you name?). Product-wise, the company’s direct-to-consumer approach means it produces its own merchandise and deals directly with customers, without the help of third-party marketplaces.
But ThirdLove’s most encouraging differentiator, that even Amazon couldn’t easily duplicate, might be the technology it’s used to build out an arsenal of 78+ bra sizes. ThirdLove utilizes computer vision, machine learning algorithms, and its online Fit Finder questionnaire that’s surveyed over 12 million women.
ThirdLove boasts more than 600 million data points to ensure customers with irregular proportions don’t jump through hoops — or straps — to buy the bra they deserve.
Prior to this technology, ThirdLove had made waves by inventing half-cup sizes. The company’s try-before-buying program has resonated with customers as well, enabling women to wear a bra for up to 30 days before deciding to buy it. To date, ThirdLove has already sold more than four million bras.
ThirdLove’s accolades don’t hurt either: “Next Billion Dollar Startup” (Forbes), the “2019 Disruptor of the Year” Award (National Retail Federation), and a 2019 Fast Company “Most Innovative” honoree, to name a few.
On behalf of the entire Ridge team, a huge congrats 👏 to ThirdLove on the Series B round as it boldly ventures where no brassiere has gone before. It’s been a blast to sit in the front row and watch Heidi and David freshen up a traditionally stale vertical, and in turn impact millions of women who are fed up with Victoria and Frederick.
❤️️💗❤️️ Learn more about ThirdLove here, and for job-seekers who want to try ThirdLove on for size, visit their careers page!
