Seattle-based clothing rental service for women Armoire, has raised $3 million in new funding.
The funding round saw participation from a number of Seattle investors. Notable retail veterans Darrell Cavens of Zulily and Vijay Talwar, president of Foot Locker digital and former CEO of Blue Nile, led the way.
A number of female investors are also involved, all of whom came aboard after beginning as customers. They include: Sheila Gulati of Tola; Dawn Lepore, formally of Drugstore.com; Angela Taylor of Efeste; Kristin Carrico of CDK Global; Berea and Ryan Schaffer of Expedia; Jesse Draper of Halogen VC; Yeganaeh and Nader Naini of Fraizer Investments; Emily and Jermey Ernst of The Boeing Co.; Pam Dickinson of Persephone Ventures; Noreen and Kabir Shahani of Amperity; and more.
By offering an ever-changing selection of designer clothes online for a set monthly price, Armoire is designed for busy women who want to avoid the time-consuming hassle of shopping. Its algorithm, created in MIT’s Delta V accelerator program, learns about a woman’s clothing preferences and adjusts with each experience.
“As a community in Seattle we care a lot about sustainability and traditional apparel — the second most polluting industry on earth — is at odds with this,” CEO Ambika Singh said. “Seattle women have embraced the opportunity to share clothing — even sometimes referencing the ability to ‘pay forward’ a powerful blazer or dress — to service the next amazing member.”
The new funding will allow the 2-year-old startup to continue to grow, with a plan to invest in further developing the technology that enables the service’s predictive capabilities. The hope is to double the tech team over the next year.