The Venture Codex

Participated · Equity · Feb 2014

Boombotix is a California startup that builds small, clip-mounted wearable action speakers (notably the Boombot REX) and a music-syncing mobile app. The Boombot REX is designed to withstand mud, dust and some water exposure while offering portability, speakerphone functions and Siri integration. Its audio sync app lets multiple smartphones or tablets synchronize playback over mobile networks so each can output to its attached Bluetooth speaker for multi-speaker sound. Since launching in 2010 and running Kickstarter campaigns, Boombotix reports triple-digit sales growth and has secured retail distribution with Amazon, T-Mobile, Microsoft and Apple.com. The company is positioning its speakers as a wearable play and aims to expand appeal beyond its core action-sports buyers. With new funding, it plans to invest in product development, strategic marketing and hiring key human capital to build the brand.

Participated · Series B · Jul 2013

Adore Me is a New York-based fast-fashion lingerie and swimwear e-tailer launched in 2012. The company introduces a new 30-40 piece collection every month and prices matching bra-and-knicker sets at about $39.95. To address the manufacturing and inventory challenges of bras, Adore Me hires designers with bra-manufacturing expertise and builds different shapes off the same prototype to expand style diversity without large production changes. The site grew 40-50% month over month in 2012 and early 2013 and passed its 100,000th shipment in less than one year. With the Series B proceeds the company plans to bulk up its team and increase its inventory budget. If the model proves sustainable, it could alter how fast-fashion cycles apply to the lingerie industry. Adore Me operates a subscription e-commerce service that delivers personalized online "showrooms" of designer lingerie and recently added swimwear. After signing up, members receive a complimentary consultation and monthly curated showrooms; paying members get every sixth set free while a free tier permits one-off purchases. Sets sell for $39.95 with free shipping and returns; the company designs and manufactures much of its own product and also works with select partner brands. Since launching in November 2011 the business has grown quickly—reporting about 50,000 members, roughly 100,000 monthly visits, and month-on-month revenue growth of around 40–50%—and is on track to generate $1–2M in revenue this year. The company projects swimwear will represent about 20% of total sales after the category's addition. Adore Me is actively pursuing partnerships with publishers and other e-commerce sites addressing U.S. women to accelerate growth.