Maisonette, developing a children’s products marketplace, brought in $30 million in Series B funding to continue providing a curated assortment from more than 900 brands across apparel and accessories, home furniture and decor, toys, gear and wellness.
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“Luisana and I were both working moms and found it difficult to shop online,” Ward Durrett, CEO, told Crunchbase News. “At the same time, we have every category in life aggregated on the internet for adult life, but it did not exist for children. We wanted to curate the best of the best and become a trust brand for a one-stop destination.”
According to company president Mendoza de Roccia, the children’s products market is a $630 billion opportunity, but is “a highly inefficient market” for customers as well as for vendors, which are growing and made up of small and medium-sized companies that want to efficiently reach customers.
G Squared led the round, with previous investors NEA and Thrive Capital also participating. Including the new funding, Maisonette has raised more than $50 million since its inception, which includes a $15 million Series A round in 2018, led by NEA, according to Crunchbase data.
In addition to the investment, Pierre Poignant, co-founder of Lazada and special assistant to the CEO and chairman of Alibaba, joined former Yahoo president and CEO Marissa Mayer as an independent board member.
The new capital will be used on technology development, to include hiring engineers to help build out the marketplace’s personalization and merchandising, as well as funding international expansion, content and launching its own everyday basics private label, Maison Me, Ward Durrett said. The U.S. children’s apparel market is predicted to reach $49 billion this year, according to Statista.
“In 2020, we saw three times growth, so we are capitalizing on the momentum, and there is growth to be done,” she said. “There is a shift in consumer behavior, largely by millennials, who have more disposable income, are dual income and have children later. They care about things such as design consideration, quality and safety. They need an answer and relevant brand to speak to this modern parent.”
Next up, the company plans to expand its categories into women’s wear, and is also looking at the tween and teen markets. It is also working to provide more personalized experiences. For example, if someone purchases a onesie for a 6-month-old, in 18 months, they may need a bed for their 2-year-old, then a few years later, Maisonette will offer suggestions for a desk for their school-aged child, Mendoza de Roccia said.
Meanwhile, Larry Aschebrook, managing partner at G Squared, said his firm makes one or two investments in a certain vertical. He picked Maisonette for the retail space because of the opportunity to grow the business in such a large market that is currently fragmented.
“What the leadership team is building is unique, and they are well-positioned to take advantage of struggling incumbents,” Aschebrook said. “The online presence will continue to grow, and businesses have the opportunity to utilize a digital-first approach. Maisonette has done this and will continue to do so with its private label and ability to attract top talent.”
Illustration: Dom Guzman
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