This NYC Startup Raised 153M to Make Shopping For Your Kids Exciting

first_img Filed Under: #NYCTech, AlleyTalk, Business, E-Commerce, Fashion, Funded in the Alley, Funded in the Alley, Funding, Funding News, Interviews, Startups, Venture Capital This NYC Startup Raised $15.3M to Make Shopping For Your Kids ExcitingApril 27, 2018 by AlleyWatch 418SHARESFacebookTwitterLinkedin PREVIOUS POSTNEXT POSTcenter_img Your kids are seemingly growing faster than you can buy clothes for them. All the trips to the store and having your kids be cooperative while trying on clothes is starting to take a toll on you. Making clothes shopping for your kid easier is KIDBOX, a service that sends you 6-7 curated items based on the style of your kid’s choice. The company serves infants to size 14 and already has partnerships with Adidas, Lucky Brand, DKNY, Guess and other premiere brands to make sure your kid is sporting the latest styles and you have peace of mind keeping them clothed.AlleyWatch spoke with CEO Miki Berardelli about the company and the its third round of funding.Who were your investors and how much did you raise? Our Series B round was led by Canvas Ventures, investors behind several female-founded and led companies including Arianna Huffington’s Thrive Global and wedding registry site Zola, with participation from existing investors Firstime Ventures and HDS Capital. New strategic partners include Fred Langhammer, former CEO of The Estée Lauder Companies Inc., and The Gindi Family, owners of Century 21 department stores.Tell us about KIDBOX.KIDBOX is a curated box of style featuring premier brands at amazing prices with a social mission at its core. We leverage proprietary technology and a human stylists’ final touch to assemble a unique box for each of our customers based on data and information included in their style profile. Each KIDBOX includes 6-7 items plus elements of surprise and delight for $98.What inspired KIDBOX?Our founder Haim Dabah was inspired by the Trunk Club model and realized that there was not a similar service for kids, which was a big gap in the market as kids continue to grow and will always need new clothes. KIDBOX also has a social mission at its core, to clothe one million kids in need where for every box kept, KIDBOX clothes a child in need. This was also inspired by Haim’s experience of serving on the board of directors of Delivering Good for many years and seeing the impact that providing brand new clothing to kids in need has on their sense of pride.How is KIDBOX different?KIDBOX is revolutionizing shopping for parents and children with its convenience, value, and the overall experience. KIDBOX allows customers to try now, pay later, and shop at home with no obligation, as the company is not subscription-based. Rather, customers can choose to opt in or out when they would like to receive a seasonal box. KIDBOX features a creative presentation and unpacking experience, making the “opening ceremony” for kids exciting. The box is filled with 6-7 items of premier brand, on-trend apparel along with elements of surprise and delight, such as toys and The Scribble newspaper, for $98.What market does KIDBOX target and how big is it? The kids apparel industry in the US is currently about a $60B industry.What’s your business model?Our proprietary technology coupled with human touch helps us deliver personalized boxes for each child based on his/her style personalities. Through our model, we serve as a vehicle that brings brands over the threshold of the biggest storefront out there – people’s homes, which is much more powerful than an item of clothing hanging on a rack in a store waiting to be discovered. Brands are looking for this channel as thousands of stores have closed and will close in the near term. We work with over 100 brands in our portfolio and the number continues to grow each day. A few of our current brand partners include Adidas, Puma, 7 for all Mankind, Diesel, DKNY, Splendid, and Jessica Simpson.KIDBOX is not a subscription service. Customers can choose to opt in or out for seasonal boxes. They can try on and within 7 days have the option to keep the full box or return or make exchanges. For every full box kept, the customer is prompted to go into their style profile to choose a charity to make a clothing donation.How has your previous experience with Ralph Lauren, Tory Burch, and Chico’s impacted building this business?I’m a builder. I’ve always worked in the digital divisions of larger retail companies. My happiest days are during high-growth periods. I leverage all my previous career experiences to grow this company and create a culture that is meaningful to me and my team.What was the funding process like?Time consuming! It takes time to find the perfect partner.What are the biggest challenges that you faced while raising capital?Operating the business while consumed by the fundraising process.What factors about your business led your investors to write the check?Our investors are excited about the special shopping experience that we’ve created for families and the deep connections we’ve made with our highly engaged and passionate customers. We’ve grown tremendously over the last two years. Our investors have also told us that they respect and admire the expertise and vision of our leadership team.What are the milestones you plan to achieve in the next six months? The new funding will be utilized to further expand the company’s data science team as well as to further ramp up customer acquisition.What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?Maintain a balanced focus on growth and profitability.Where do you see the company going now over the near term?Our goal is to be the ultimate kids apparel style service for families living anywhere in the country, whether that’s the coast or in the Midwest. Eventually we want KIDBOX to be synonymous with the best quality apparel out there for kids of all ages.What’s your favorite restaurant in the city?La Esquina, Il Tinello and Aria West Village are our favorites.last_img read more

Read more on This NYC Startup Raised 153M to Make Shopping For Your Kids Exciting