Polyvore, the startup lets web shoppers pull their favorite items any online store and mix and match to create personalized outfits online, has raised $14 million in Series C financing led by DAG Ventures and with participation from Goldman Sachs, Vivi Nevo (NV Investments), Benchmark Capital and Matrix Partners. This brings the company’s total funding to over $22 million. The funding was originally reported by the New York Times.
Polyvore allows users to create fashion “sets,” which are digital collages that users create by combining their favorite products from across the web. The site says it has 13 million unique monthly visitors, an 80% increase over last year. And the Polyvore user community creates on average one Polyvore set every two seconds, a total of 1.4 million sets per month.
Founded in 2007, Polyvore has launched marketing campaigns for fashion brands and retailers such as Gucci, Lancôme, and Nordstrom. Polyvore will let designers know how many “sets” are created with their clothes, what products are used the most in Polyvore sets and how the brand ranks compared to other designers on the site. The company also just announced “Polyvore Live”, a fashion show during Mercedes Benz Fashion Week that will showcase the collections of four emerging designers.
As part of today’s announcement, co-founder and CEO Pasha Sadri will now focus on product strategy and engineering full-time as Chief Technology Officer, with Co-Founder and Vice President of Product Jess Lee becoming Chief Executive Officer. “Our goal is to build the web’s biggest platform for discovering fashion,” said Lee. Sadri took over the CEO spot in September 2010 when Sukhinder Singh Cassidy left the company.
“Brands have always known that word-of-mouth is the best form of marketing…Polyvore users are a global community of fashion lovers who promote their favorite products and share them with friends and followers,” said Benchmark partner and Polyvore board member Peter Fenton.
The new funding will be used to accelerate growth and hire additional engineering talent.