San Francisco-based LE TOTE was founded in 2012 by Brett Northart and Rakesh Tondon, who aimed to replicate the offline behavior of swapping and sharing clothes via a national, online service. The subscription-based fashion service works with more than 80 brands including House of Harlow, Sam Edelman, Tahari, Splendid, Sanctuary, BCBG and French Connection, allowing customers to borrow and wear unlimited clothing and accessories for $49/month. Each shipment includes a personalized selection of three pieces of clothing and two accessories, curated using LE TOTE's proprietary fit algorithm and recommendation engine. Customers keep their pieces as long as they'd like, and ship back when they're ready for their next delivery, with an option to purchase what they love for 20-50 percent off of retail price. The Y Combinator backed company has raised $12.5 million in venture funding from Andreessen Horowitz, Google Ventures, Azure Capital Partners, Lerer Hippeau Ventures, Simon Venture Group, AITV, Epic Ventures, Arsenal Venture Partners and Funders Club.
| Date | Amount | Type | Investors | Valuation |
|---|---|---|---|---|
| 02/05/15 | $8,800,000 | Series A |
Azure Capital Partners EPIC Ventures FundersClub Geoff Ralston Joanne Wilson Justin Kan Lerer Hippeau Ventures Simon Ventures | undisclosed |
| 11/20/15 | $15,000,000 | Series B |
Azure Capital Partners EPIC Ventures FundersClub Lerer Hippeau Ventures Simon Ventures | undisclosed |
