Adore Me, a fashion lingerie and swimwear etailer, recently completed a Series B round of $8.5 million, led by Upfront Ventures. Morgan Hermand-Waïche, Founder and CEO, shares some insights into what went into securing the funding for the company.
What was the funding process like?
We really wanted investors who were excited about what we were building and would bring value to our team, thanks to their expertise and networks. I spent a lot of time meeting with investors and getting to know them to ensure there was a great mutual fit.
The current round had a wide mix of venture capitalists from both coasts. How do you manage all the different voices at the table?
Most of our investors had either already known each other, had worked together in the past or had a great mutual respect for each other’s successful portfolios. For the actual closing of our latest round, we simply gathered everyone in New York and closed the round together.
What are the biggest challenges that you faced while raising capital?
Running the business simultaneously. Fundraising is extremely time-consuming and required me to travel frequently. Fortunately, I have a strong and committed team who was able to stay connected while I was away.
What factors about your business led your investors to write the check?
Huge market opportunity, our rapid growth and our innovative approach to selling women’s intimates. In particular, the intimate apparel space was in need of innovation. With Victoria’s Secret dominating such a large part of the market, we knew we could quickly chip away at their market share by offering designer-crafted lingerie at an incredible price, and with the convenience of online shopping.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Get connected! New York has a booming startup community and I’ve found it to be very helpful. Also, don’t be afraid to ask for help and take advantage of the unique opportunities in your network.