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August 18, 2009

VC Firm, Matrix Partners Leads $6.5 Million Investment in Series B Funding for Polyvore

Filed under: Venture Capital News — admin @ 1:05 am

Based in Mountain View, California, one of the largest do-it-your-self fashion social networks in the United States, Polyvore; announced today that it had raised a $6.5 million investment with Matrix Partners leading the funding round. Existing investors who also participated in this funding round include Benchmark Capital and Harrison Metal Capital. Along with this round of funding, Polyvore also announced that it has acquired 4 million unique visitors to its website.

Polyvore is a fashion magazine social network where the users to use a virtual styling tool to mix and match various different articles of clothing and shoes from practically any online store. Users can then create fashion collages with the different articles of clothing. Polyvore was founded in 2007 by former Yahoo and Google employees.

Benchmark Capital is one of Polyvore’s original investors, taking part in a $2.5 million series A funding round. Currently the company has already reached 4 million unique users and is attempting to grow its operations. Harrison Metal Capital also participated in the previous series A funding and proceeds from this round of funding will go to help Polyvore achieve its goals.

According to Dana Stalder, general partner with Matrix Partners; Polyvore has an innovative approach to fashion and incorporated its fashion mixing content together with e-commerce to allow creative users to create their own fashion collages and realize their outfits by mixing and matching different articles of clothing from all kinds on online clothing stores. This blend allows both Polyvore and e-commerce companies in the apparel industry to profit from the different fashion crazes that come and go.

Another unique feature that Polyvore has is the ability to imbed newly created fashion outfits onto blogs which people can easily share with each other on other social networks, such as Twitter, Facebook, and My Space.

According to Polyvore’s CEO, Pasha Sadri, Polyvore can be a powerful platform for anyone to promote specific brands or styles and start whole new trends throughout the fashion industry. Mr. Sadri further added that Polyvore outfits are user generated advertisements for brands that are contained in those outfits. Furthermore, Benchmark Capital’s Peter Fenton went on to add that name brands have always become popular by positive word of mouth. Furthermore, being a social media site, Polyvore can along with Twitter and the other social networks that have appeared provide an effective broadcasting platform that amplifies word of mouth marketing.

Founded in 1977, Matrix Capital is a vc firm that primarily invests in early stage companies who are in the communications, consumer internet, mobile, semiconductor, and software industries. Matrix Partners invests for the long term and likes world-class entrepreneurs. Some other companies in Matrix’s portfolio include Apple Computers, Anjuke, Apollo Computer, Alteon WebSystems, Aruba Networks, Arroyo Video Solutions, Clarify, and others.

Founded in 1995, Benchmark Capital is an international vc firm that mainly invests in companies who are in the tech industry. Benchmark Capital invests for the long term and its general partners like to take a team approach when investing. Some other companies in Benchmark’s portfolio include 1-800 Flowers, Art.com, America Online, Conduit, Power Challenge, Ruba.com, and others.

For more information about Polyvore, click here.

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