KIDBOX has secured $15.3 million in a series B funding round, bringing the total raised to date to $28 million. The new funding will be used to further expand the company’s data science team and ramp up customer acquisition.
The children’s apparel and accessories retailer offers shoppers a try now, pay later subscription model. Customers take a quiz to determine their preferences, then receive five personalized boxes of products annually. They can choose and pay for the items they want from each box and return the rest.
KIDBOX reached more than 1.2 million families in Q1 2018, acquiring new shoppers at 3.1X the rate of Q1 2017, according to the retailer. KIDBOX now features over 100 brand partners, including Adidas, Puma, 7 for all Mankind, Diesel, DKNY, Splendid and Jessica Simpson.
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In 2018, KIDBOX will be embracing private label and introducing its own private brands, according to CEO Miki Berardelli, who will be speaking at the Retail Innovation Conference April 30-May 2 in New York City.
The funding round was led by Canvas Ventures, a venture capital firm behind several female-founded and led companies. Other investors include Fred Langhammer, former CEO at Estée Lauder, and the Gindi Family, owners of Century 21. Paul Hsiao, General Partner at Canvas Ventures, will join the KIDBOX Board of Directors.
