Indochino raises $4 million in funding for the future
Gabe Alonso Indochino has been popular in these parts lately, thanks in part to their generosity and great products. News just broke this morning that they received $4 mil in Series A financing, led by Madrona Venture Group. Huge for the up-and-coming company.
Receiving any sort of funding when you’re a start-up is crucial. Receiving millions of dollars in funding means you have a worthwhile business model. Indochino has certainly proved their business worth over the last couple years.This round of funding from Madrona (an early supporter of Nordstrom’s back in the day), will help accelerate Indochino’s technological research and product development. They are also looking to expand their executive team and obviously continue to grow their consumer base of over 17,000 people worldwide.
“We want to bring high quality custom apparel to the masses, enabling men to get fashionable, affordable, made-to-measure clothing, anywhere in the world, in under two weeks,” said Kyle Vucko, co-founder and CEO of Indochino.
“To help achieve this vision, we are making significant investments in technology and customer experience across the company. We are excited to partner with Madrona Venture Group, who have backed innovative, customer-centric online retail brands like Amazon.com and Nordstrom.com, and who have expertise helping companies leverage technology to scale.”
Revenues for Indochino hit 7 figures in 2009 and grew their sales 245% year-over-year in 2010. They had less than $1 million of invested capital at the time. The team behind Indochino has certainly been able to create a sustainable, lean company (that’s profitable) with great product offerings. As I’ve stated before, they offer new products monthly. Most companies will do this only seasonally. They are constantly innovating, keeping their customer always in mind. No company of this kind that I can think of offers this much new product on such a consistent basis. It’s frankly a little mind-boggling the pace at which they can turn out new product offers.
It’ll be interesting to see how this new round of investment pushes Indochino into 2012 and beyond. I’m curious as to who they’ll hire for their Executive Team and what holes they look to fill. Technology is becoming a huge part of e-commerce and the digital consumer experience. Staying at the forefront is crucial to sustainability in this world. More and more companies are joining the fray, so differentiation whether in technology or product offerings will be huge. Definitely keep an eye on Indochino and check out your site if you haven’t done so yet. I think you’ll be very impressed with what you see.
Congrats to the Indochino team. Looking forward to seeing what the future has in store.
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