LOS ANGELES--(BUSINESS WIRE)--Nasty Gal, the global e-tailer for fashion-forward girls, today announced that Index Ventures’ Growth Fund has completed a $9 million minority investment in the company. Nasty Gal is the latest addition to Index Ventures' portfolio of groundbreaking fashion retail sites including Net-a-Porter, ASOS, and Etsy. The funds will be used to invest in technology, operations, creative curation and editorial design as the company prepares to expand its global footprint.
Nasty Gal, named after a song by Amoruso's favorite funk singer and style muse Betty Davis, the wife of jazz trumpeter Miles Davis, was founded in late 2006. Amoruso got her start as an eBay store by selling a highly curated selection of vintage pieces that she personally sourced, styled, shot, and shipped to tastemakers worldwide. Sales took off and within 18 months Amoruso designed and launched her own retail website, hired her first employee, and complemented the vintage offering with hand-picked, envelope-pushing pieces from domestic and international designers.
Since its inception the business has grown organically and profitably, with revenues increasing over 500% each year to $28 million in 2011. Nasty Gal counts more than 150,000 customers in over 50 countries, with 35% of sales occurring outside of the US and Australia being the number one international market. Growth has been driven almost exclusively by word-of-mouth and social media outreach. Nasty Gal has over 200,000 Facebook fans, 30,000 Twitter followers, 50,000 Instagram followers, and a growing base of Pinterest users as part of its rapidly growing cult following.
Commenting on the fundraising, Amoruso said, “Nasty Gal has tapped into a unique fashion sensibility that has captured girls' imaginations globally and has inspired us to keep growing and stretching creatively. Our girls have an intriguing and audacious sense of style. For me, it wasn’t about raising capital, but about finding the right partner. Danny and Index were an obvious fit: the stars aligned and my decision was an easy one.”
"Sophia is an exceptional leader and entrepreneur who has bootstrapped Nasty Gal to where it is today," said Danny Rimer, a Partner at Index Ventures. "We look forward to helping her and the rest of the outstanding management team in this next phase of growth to fully capture the opportunity she uncovered starting in the thrift stores and flea markets of San Francisco. Nasty Gal is on its way to becoming a defining fashion brand.”
About Nasty Gal
Nasty Gal is the brainchild of Sophia Amoruso who started the company in 2006 on eBay selling one-of-a-kind vintage clothing. Sophia sourced, styled, shot, and shipped her sartorial pieces to tastemakers worldwide on her own. Amoruso was an early e-tail pioneer in the social media arena, using word-of-mouth and social platforms exclusively to build her brand and communicate with customers and fans. Nasty Gal has grown over 500% each year since its inception and counts over 150,000 customers in more than 50 countries with over 35% of sales occurring outside of the US. Today, Nasty Gal has over 200,000 Facebook fans, 30,000 Twitter followers, 50,000 Instagram followers, and a growing base of Pinterest users as part of their rapidly growing cult following.
About Index Ventures
Index loves fashion. In the last five years, Index has made venture, seed and growth investments in some of the most cutting-edge, emerging brands including ASOS [LSE], Astley Clarke, Editd, etsy, Farfetch, Go Try It On, Moleskine, Nasty Gal, Net-a-Porter [Richemont], Privalia and Stylistpick. From offices in Geneva, London, and San Francisco, Index loves to discover and support the most entrepreneurial teams, wherever they are, to build market defining global businesses.
For more information on these and other investments, please visit www.indexventures.com