Investors apparently see big money in affordably-priced fashionable clothing.
San Francisco-based Quince raised $50 million in Series A funding this week, in a round led by Insight Partners. The clothing e-tailer, legally known as Last Brand Inc., will use the new funds to hire more employees and improve the back end of its website, according to fashion news outlet Glossy.
"The business has been accelerating a lot on its own in the last year, and now we have the perfect opportunity to put the money from our investors to good use," Sid Gupta, Quince's founder and CEO, told Glossy.
The company offers a range of men's, women's and kid's clothes at prices that are about 50% less than those charged for similar items from high-end brands, Gupta said. The e-tailer currently advertises a cashmere crewneck sweater on sale for $50, for example, and a down puffer vest for men for about $40.
Quince is able to offer discounted prices because it sells consumers clothes that come directly from its manufacturer, rather than through an extended supply and retail distribution chain, according to the company.
Here's more on its latest round and other Series A deals that occurred over the last week:
Last Brand Inc. (dba Quince), San Francisco, $50 million: Insight Partners led the round for this clothing and accessory e-tailer. Founders Fund, Basis Set Ventures, Luxor Capital's Lugard Road Capital and 8VC also invested.
Arc Boat Company (dba Arc), San Francisco, $30 million: Eclipse Ventures led the round for this designer of an electric boat. Andreessen Horowitz, Lowercarbon Capital and Abstract Ventures also invested.
Uniform Systems Inc. (dba Uniform), San Francisco, $28 million: Insight Partners led the round for this provider of a service that helps companies manage, design and publish content to their websites and apps. Elad Gil and Array Ventures also invested.
New Culture Inc., San Francisco, $25 million: Ahren Innovation Capital and CPT Capital co-led the round for this developer of dairy-free cheeses. ADM Ventures, Be8 Ventures, S2G Ventures, Marinya Capital and Future Ventures also invested.
Our Kettle Inc. (dba Kettle), Kensington, $25 million: Acrew Capital led the round for this provider of a reinsurance service that underwrites climate change-related risks. Homebrew, True Ventures, Anthemis, DCVC and Lowercarbon Capital also invested.
Fable Group Inc. (dba Fable), Palo Alto, $20 million: Tiger Global Management led the round for this operator of an online book club service and e-book store. Redpoint Ventures, Gaingels, Breyer Capital and Defy Partners Management also invested.
Render Services Inc. (dba Render), $20 million: Addition led the round for this provider of a cloud-based app and website hosting service. General Catalyst and South Park Commons also invested.
