Shop Hers, a resale site geared for designer labels, has secured its Series A financing with the help of Bono.
This story first appeared in the December 16, 2013 issue of WWD. Subscribe Today.
The financing totals $3 million. It was led by Floodgate’s Mike Maples Jr. and Ann Miura-Ko, and includes investments by Bono and three other executives from Elevation Investors, plus David Tisch of The Box Group, Aldo Manzini and a few others, according to Shop Hers founder Jaclyn Shanfeld. Two seed round investors — Shana Fisher of High Line Venture Partners and a board partner at Andreessen Horowitz, and Mike Hirshland of Resolute VC — also contributed to the more recent financing.
Nearing 450,000 users and offered in 129 countries as of two months ago, Shop Hers charges an 18 percent transaction fee. On the site, sellers set their own prices and each seller must cover the cost of shipping its goods to the company’s headquarters to be authenticated within two or three days. Once an item is sold, the buyer’s credit card is authorized but is not charged until the item is vetted. “We do all the fulfillment,” Shanfeld said. “Before we started the company, we realized we will have to be the policemen. We will have to vet everything. But the seller knows there is no point trying to sell fakes.”
The site aims to play up the social side by matching women who share a similar size and sense of style through its Style Soulmates feature.
Manzini, a former Disney executive, connected Shanfeld with Elevation Partners. After meeting with her and offering his financial support, he put her in touch with Patty Wexler, an adviser to Elevation Funds. A few days later, Shanfeld hopped a flight to Palo Alto, Calif., to meet with three Elevation executives, who each invested individually.
The site offers apparel, accessories and footwear from 500 designers and brands. “We want to give women the ability to buy things they love, knowing that the item will have a second, third or fourth life,” Shanfeld said.
Shanfeld cofounded the company about a year ago with Jenna Stahl, a former nordstrom.com executive who is now Shop Her’s creative director, and Thanh Khuu, who worked as ShoeDazzle’s chief technology officer before becoming Shop Her’s chief operating officer.