Subject: VEN
11 Honoré Secures Series A Funding from Redpoint Ventures
LOS ANGELES, March 19, 2018 /PRNewswire/ -- 11 Honoré, the premier online shopping platform offering designer runway styles in sizes 10 to 24, today announced it has raised $8M in Series A financing, led by Redpoint Ventures, with participation from existing investors Forerunner Ventures, Upfront Ventures, Greycroft and Canvas Ventures.
The investment, which brings the company's total funding to $11.5M, will be used to enhance the 11 Honoré experience for its growing base of customers and community. The company will expand designer partnerships, add available size runs to 24 and bring on contemporary brands to complement existing high-end runway styles. Additionally, 11 Honoré will start onboarding smaller, fashion forward designers by giving them resources like pattern makers and fit models.
"By democratizing fashion for all sizes and partnering with some of the most coveted fashion brands, 11 Honoré is seeing remarkable demand from both consumers and designers," said Medha Agarwal, Principal, Redpoint Ventures, who will join the 11 Honoré board. "The company has found the right model to engage with the massively underserved plus size market, which is over $21B and growing twice as fast as the overall apparel market."
11 Honoré is the first e-commerce platform to serve women over a size 10 with luxury runway designs. Founded by Patrick Herning, tech executive turned luxury strategy consultant (and founder of Fathom, a boutique marketing agency acquired by HL Group) and former Vogue and Town & Country fashion editor, Kathryn Retzer, 11 Honoré was created to bring luxury fashion to the 67% of American women who are over a size 14. 11 Honoré launched in August 2017 with 16 luxury designers and today has over 50 top designers offering designs exclusively through its platform including Christian Siriano, Brandon Maxwell, Prabal Gurung and Zac Posen. The average US woman is a size 16 and over 67% of women in the US are a size 14 or above.
"The fashion industry is slowly waking up to a customer that has long been ignored, and through our investment in fit with our brand partners, 11 Honoré is leading the way, ensuring designers maintain the integrity and quality of a garment. This allows us to bring our customers luxury designs that were previously unavailable to her," Patrick Herning, Co-Founder & CEO.
"11 Honoré has created a community that honors our customer and celebrates her through inclusive sizing, high-end designer fashion, and an impeccable shopping experience. We're not only curating the best from the runway, we're creating a site she can look to for editorial, fashion news and powerful profiles," Kathryn Retzer, Co-Founder & Creative Director.
About 11 Honoré: 11 Honoré is a size-inclusive shopping site that for the first time ever, gives more women the option to experience the best designer clothing. With a focus on style, not size, luxury, not limits, more women can wear and enjoy clothing from designers including Prabal Gurung, Brandon Maxwell, Monique Lhuillier and Michael Kors, plus exclusive styles and capsule collections from a thoughtfully curated line up of designers ranging from luxury to designer contemporary.
@11Honore
About Redpoint Ventures: Since 1999, Redpoint has partnered with visionary founders to create new markets and redefine existing ones. We invest in startups across seed, early and growth phases and we're proud to have backed over 465 companies with 143 IPOs and M+As, including 2U, HomeAway, Heroku, Netflix, Pure Storage, Twilio and Zendesk. In total, Redpoint manages $4 billion across multiple funds. You can find us is in Menlo Park, San Francisco, Beijing, Shanghai and at http://www.redpoint.com.
SOURCE 11 Honoré
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