App-Powered Bra Seller ThirdLove Raises $55M

ThirdLove, the direct-to-consumer women’s bra and underwear company, announced today the completion of a $55 million fundraising round. TechCrunch reports that the company’s valuation reached “over $750 million” thanks to the new fundraising.

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That puts the company on track to reach unicorn status when it raises again. The latest round brings total financing for the six-year-old company to $69 million, a somewhat low figure for a company worth three-quarters of a billion dollars.

ThirdLove’s recent funding round represents around 80 percent of its total funding to date.

A long list of backers participated in the financing, including consumer-brand focused firm L. Catterton and investment bank Allen & Company. Individual investors in the round included Anne Wojcicki, CEO of genetic testing company 23andMe, Susan Wojcicki, CEO of YouTube, and journalist Katie Couric, and others.

ThirdLove’s rise comes during a difficult time for some in its market. Victoria’s Secret has fallen on hard times in recent quarters, for example.

San Francisco-based ThirdLove is known for its large size range (it differentiates from other bra-makers by offering half-cup sizes) and its algorithm-powered online fitting application. To date, the company says more than 12 million women have used its Fit Finder app to find their bra size.

Illustration: Li-Anne Dias