Wantable Inc. has secured $2 million in a Series B funding round that is expected to close on Monday.
Investors in the latest round include both Wisconsin and California-based groups. Wantable in July 2014 raised $1.5 million in Series A funding, mostly from Wisconsin-based investors, and before that secured $800,000 in its seed raise, bringing its aggregate raise to slightly more than $4.3 million.
The company said the investment would allow Wantable to expand its business.
Wantable, which began operations in 2012, is a membership styling service similar to Stitch Fix. Members receive three to five items every month in a box that is sent to their homes, allowing them to try on before they buy. Stylists choose items to fit a user’s style based on a questionnaire that the user completes. The styling fee is $20, which is applied to any purchases. The average value of the box is $350 and members who elect to keep all items shipped get an additional discount. They may also elect to keep select items at specified prices and return the ones they don’t want. Members can change verticals at any time. Current verticals include women’s ready-to-wear, fashion and accessories, makeup, intimates and fitness apparel.
Wantable’s model parallels traditional brick-and-mortar in that it buys the inventory from vendors. Brands offered in its ready-to-wear vertical include BCBG Max Azria, French Connection and Paige Premium Denim.
Jalem Getz, Wantable’s founder and president, said his firm’s approach is “unique in that it moves the shopping experience from the department store to the customer’s living room.”
Getz is serial start-up founder. He cofounded GMI in 1995, which has become Milwaukee’s largest seasonal retailer. Getz then founded BuySeasons Inc. in 1999, which was sold to Liberty Media in 2006. When he left in 2010, the company had annual revenue in excess of $165 million. Getz’s latest venture is Wantable.