Personalized fashion e-tailer myShape.com has raised $10.5 million of a new $12 million round of financing, according to a regulatory filing last week.
Three years ago, the Pasadena-based company launched its personalized shopping service for women that matches clothing to very specific shapes and sizes. A patented matching engine literally shows a member only garments that fit and flatter them.
Last fall, the startup raised $12 million in funding from Lehman Brothers Venture Partners, Draper Fisher Jurvetson, and angel groups Pasadena Angels and Tech Coast Angels.
A company representative confirmed that this is a separate round, but would not provide additional details until a formal announcement is made. SocialTech.com first reported the news.
MyShape is competing in an increasingly crowded field of personalized fashion-oriented sites, including Polyvore, Fashion Playtes, StyleCaster and Stylefeeder.
To stay competitive, last year, the site added to the personalized shopping service a recommendation engine from Baynote that layers into the member's view items that other viewers of specific products have also considered.
According to Baynote and myShape, the result was a 16% lift in average order value, a 30% rise in revenue and a 200% lift in conversions.
Also, earlier this year, eHarmony chose myShape to be the exclusive fashion e-tailer for the dating site's Advice Date Planner service, which offers women their own "personal shop" with fashions from some 200 designers.
Courtesy of an article dated August 31, 2009 appearing in MediaPostPublications' Online Media Daily
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