To extend leadership position in US market – Acton Capital leads $15M Series B in ELOQUII
NEW YORK, NY/MUNICH, April 7, 2016 — ELOQUII, the pioneering e-commerce destination for contemporary fast fashion in sizes 14 to 28, today announced a $15 million Series B round of financing. Acton Capital Partners led the funding, with participation from new investors, including Wildcat Capital Management and Blue Sky Venture Capital, as well as existing investors Greycroft Partners, Daher Capital, and Female Founders Fund.
This funding round builds on the $6 million in Series A financing the Company raised in November 2014 and will be used to accelerate ELOQUII’s strong growth as it capitalizes on the exceptional plus-size market opportunity.
“ELOQUII is helping to empower plus-size women by transforming the way this important consumer audience shops and engages around fashion online. Over the past year, we’ve grown revenue 165% and further strengthened our enormously talented team,” said Mariah Chase, CEO of ELOQUII. “We are excited to expand our group of world-class investors as we enter our next stage of growth and seek to reach our goal of being the dominant fast fashion plus-size brand in the global market.”
Over the past two decades, Acton has invested in more than 60 Internet companies including such fashion industry leaders as Mytheresa.com. In connection with Acton’s investment, its Managing Partner Jan-Gisbert Schultze will join ELOQUII’s Board of Directors. Mr. Schultze said, “ELOQUII has identified a formula to connect with the deeply underserved plus-size customer and forge a connection that inspires extreme loyalty. We look forward to helping Mariah and the team take advantage of the full potential of the brand in order to magnify its presence and become the clear leader in the market.”
A Unique History and Established Position in Deeply Underserved Market
ELOQUII was originally launched by The Limited in 2011, quickly developing a loyal consumer audience. Despite its early success, it was closed as a result of corporate restructuring at its parent company, causing an outcry in the plus-size community that led to ELOQUII’s rebirth in 2014.
Since relaunching, the vertically integrated e-commerce business (including design, production and retail) has established itself as a uniquely positioned leader in the plus-size space. Together, ELOQUII’s unique value proposition and go-to market approach have driven the Company’s strong growth and ability to capitalize on the opportunity to reach the 65% of American women, representing a $17.5 billion market, who wear clothes size 14 and up.
Capitalizing on Exceptional Market Potential to Accelerate Growth
With the new financing, ELOQUII plans to continue building its team in New York, make further investments in marketing and technology, and accelerate overall growth as it continues its rapid pace of digital retail innovation. Among the strategies the Company is driving, ELOQUII is capitalizing on digital and social media to engage with customers, including introducing the Company’s enormously successful #XOQ hashtag, which allows customers to tag themselves to the Company’s site.
The valuable personal connections ELOQUII builds with its customers, along with the exceptional style it offers at a wide range of accessible price points complement its monthly flows of new and exciting trend-leading collections as well as its innovative data-based marketing strategies. Leveraging dynamic and data driven merchandising, planning and allocation, the team is able to uniquely anticipate trends and customer demand.
Growing Team with Proven Fashion and Business Development Expertise
ELOQUII is led by CEO Mariah Chase, an experienced fashion industry executive who prior to ELOQUII co-founded Send the Trend, which was acquired by QVC. The founding team is also helmed by retail veterans COO Steve Zawada, Creative Director Jodi Arnold and GMM Julie Carnevale. John Auerbach is a Founder and the Company’s Chairman. The Company has offices in both Columbus, Ohio, and New York.