Known for its pants, Alvin Valley Holdings Inc. has secured an additional $3 million in financing, bringing the total to $4 million raised since relaunching the business in March 2012.
The funds raised, led by venture capital firm Forerunner Ventures, with participation from Wilderness Point Investments, along with other investors, gives Alvin Valley the ability to expand his online business, open a flagship store in New York and recruit a chief executive officer and chief technology officer.
“I am very proud of the funding we have received from Forerunner Ventures and Wilderness Point Investments,” said Valley. “They have proven track records of investing early in very successful brands, with Forerunner Ventures investing in Bonobos, Birchbox and Warby Parker, and Wilderness Point Investments investing in Lululemon Athletica, City Sports and Oily Shoes. These companies have farsightedness, particularly when it comes to digital commerce.”
Kirsten Green, managing partner of Forerunner Ventures, has been named to Valley’s board, which already includes RoAnn Costin, president of Wilderness Point Investments, who joined last December, and Simon Critchell, a former senior executive of Richemont, who joined in August.
Valley relaunched his business in 2012 as a total e-commerce operation. He bought his namesake brand back from The Moret Group, which had acquired a 50 percent stake in his company, in 2006.