Stitch Fix, which helps women avoid going shopping by mailing them personalized boxes of clothing they’d potentially like to buy, has raised a Series C round of funding from its existing backers, according to multiple sources.
The round of about $30 million gave the company a pre-money valuation of $300 million, according to a source familiar with the transaction.
Stitch Fix is nearing a $150 million annual revenue run rate, the source said. Series B lead investor Benchmark snagged the round for itself alongside early investor Baseline Ventures. Other interested late-stage investors, such as Coatue, did not take part.
“Flattered by the interest but we don’t have anything to share,” said Stitch Fix founder and CEO Katrina Lake. Benchmark’s Bill Gurley declined to comment, and Baseline did not respond to an inquiry.
This follows a $12 million round for San Francisco-based Stitch Fix last fall, which itself followed a $4.75 million Series A round earlier last year.
Stitch Fix customers provide a profile that guides a stylist in selecting five items per box. Stitch Fix charges a $20 styling fee per box that can be applied to any purchases, and there’s a discount if a customer buys the whole “Fix” of five items. A return pouch and shipping label are included for any unwanted items. The service is only available for women in the U.S., and the general style is “classic with a twist,” as Lake described it in a previous interview.
The three-year-old company is one of a few young commerce startups that has stood out for a model that combines personal styling with the ability to try on clothes in the comfort of your home. Trunk Club, for example, has built a similar service exclusively for men. And True & Co. has taken a styling-plus-sampling approach in selling intimate apparel to women.