ThirdLove Revenue, Valuation, Funding & Investors
ThirdLove is valued at $750M as of February 2019, a 7.5x multiple on its last reported $100M revenue.
Last ThirdLove valuation
$750M
Series B · Feb 2019
Last ThirdLove funding round
$55M
Series B · Feb 2019
ThirdLove revenue
$100M
Series B · Feb 2019
Key investors in ThirdLove
New Enterprise Associates
Felicis
Valor Equity Partners
L Catterton
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Allen & Company- Anne Wojcicki
About ThirdLove
ThirdLove is a direct-to-consumer lingerie brand offering bras in half-cup sizes from 30A to 44H. San Francisco-headquartered ThirdLove uses 3D body scanning data from over 10,000 women to design inclusive sizing. The company sells through its website and partners with Nordstrom and Macy's. ThirdLove expanded into loungewear and shapewear, launching 24/7 bras in 2018.
Founded
2013
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$100M (Feb 2019)
Valuation
$750M (Feb 2019)
ThirdLove Valuation
ThirdLove is currently valued at $750M, based on its Series B in February 2019.
The $55M round was led by Allen & Company and L Catterton, with participation from Michael Zeisser, Felicis, Jeffrey Keswin, Susan Wojcicki, Valor Equity Partners and 3 other investors.
ThirdLove valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2019 | Series B | $750M | 7.5x |
ThirdLove Revenue
ThirdLove's latest recorded revenue is $100M, as of its Series B in February 2019. At a $750M valuation, that implies a 7.5x revenue multiple.
ThirdLove revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2019 | $100M | $750M | 7.5x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
ThirdLove Funding History
ThirdLove has raised a total of $69M across 3 funding rounds.
ThirdLove's first fundraising round was a $6M seed round in August 2013. The most recent completed round was a $55M Series B in February 2019.
ThirdLove funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2019 | Series B | Allen & Company (lead); L Catterton (lead); Michael Zeisser; Felicis; Jeffrey Keswin; Susan Wojcicki; Valor Equity Partners; Tim Armstrong; Anne Wojcicki; Katie Couric | $55M | $750M | ThirdLove is a direct-to-consumer lingerie and underwear brand founded in 2013, specializing in inclusive sizing for various body shapes through technologies like the Fit Finder tool, which uses a smartphone camera and has served 12 million women. The company raised $55 million in a Series B round on February 26, 2019, led by Allen & Company and L Catterton, with participation from investors including Anne Wojcicki, Felicis, Jeffrey Keswin, Katie Couric, Michael Zeisser, Susan Wojcicki, Tim Armstrong, and Valor Equity Partners. This round increased the company's post-money valuation to over $750 million, following prior funding that brought total raised to around $68 million. At the time of the round, ThirdLove was generating over $100 million in annual revenue, scaling rapidly from its focus on data-driven marketing, such as targeted Facebook ads, and efficient customer experiences. The funds were earmarked for international expansion, new product development beyond bras into varied lingerie, and enhanced distribution strategies, with initial U.S.-only sales already attracting international orders. ThirdLove positioned itself against traditional retailers by emphasizing reality over fantasy, promoting diversity in size, shape, age, ethnicity, gender identity, and orientation. The valuation reflected strong growth potential, with sources noting proximity to unicorn status, amid a competitive landscape including brands like Lively. |
| Feb 2016 | Series A | New Enterprise Associates (lead) | $8M | - | ThirdLove raised $8 million in its Series A funding round in February 2016, led by New Enterprise Associates, with participation from investors including Felicis Ventures, former Spanx CEO Laurie Ann Goldman, and former Victoria’s Secret Stores CEO Lori Greeley. The funding followed a $5.6 million seed round in 2013, also backed by New Enterprise Associates. The capital was intended to scale operations, enhance product offerings, build the team in San Francisco, introduce new products, and support retail expansion, such as the exclusive collection launched with Bloomingdale's. ThirdLove operates as a direct-to-consumer lingerie brand specializing in bras with half-cup sizes and a patented mobile app using image recognition technology for at-home fitting. The app and sizing technology significantly boost conversion rates, with users converting 13 times more often than non-users. Half-cup sizes account for more than a third of bras sold in the A-E range, and customers typically purchase a second bra within 45 days. The company achieved 400% growth from 2014 to 2015. ThirdLove differentiates in the lingerie market by combining imaging technology, big data analytics, and supply chain management to address common fit issues, positioning against traditional brands like Victoria's Secret and Playtex. |
| Aug 2013 | Seed | New Enterprise Associates (lead) | $6M | - | ThirdLove is a direct-to-consumer women's bra and underwear company founded in 2013. The company developed proprietary mobile, image-based sizing technology that allows customers to determine their bra size using a smartphone camera. It differentiates itself by offering half-cup sizes and an unusually wide range of sizes to accommodate diverse body types. In August 2013, ThirdLove closed a $5.6 million seed round led by New Enterprise Associates to launch the brand and establish market presence. The post-money valuation for this seed round was not publicly disclosed. By February 2019, the company had achieved a valuation of over $750 million following a $55 million Series B round, demonstrating significant growth from its founding. |
Who has invested in ThirdLove?
11 investors have backed ThirdLove across its funding rounds, including New Enterprise Associates, Felicis, Valor Equity Partners, L Catterton, Allen & Company and Anne Wojcicki.
Lead investors include Allen & Company, L Catterton and New Enterprise Associates.
ThirdLove Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 2 | Lead | Aug 2013 | |
| San Francisco, CA | 1 | Participant | Feb 2019 | |
| San Francisco, CA | 1 | Participant | Feb 2019 | |
| Jeffrey Keswin | New York City, NY | 1 | Participant | Feb 2019 |
| Greenwich, CT | 1 | Lead | Feb 2019 | |
| Susan Wojcicki | San Francisco, CA | 1 | Participant | Feb 2019 |
| Chicago, IL | 1 | Participant | Feb 2019 | |
| Allen & Company | New York City, NY | 1 | Lead | Feb 2019 |
| Tim Armstrong | New York City, NY | 1 | Participant | Feb 2019 |
This data is available for Pro users. Sign up to see all 11 ThirdLove investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by ThirdLove
ThirdLove has acquired 1 company to date.
Last acquisition by ThirdLove was on April 25th 2022. ThirdLove acquired Kit Undergarments for undisclosed valuation.
Latest Acquisitions by ThirdLove
| Description | Kit Undergarments is a direct-to-consumer brand offering leak-proof period underwear designed for women managing menstruation. Products include boyshorts, cheekies, bikinis, thongs, and hipsters with four layers of absorbent material holding up to two tampons' worth of flow, plus moisture-wicking fabrics and antimicrobial properties. New York City-headquartered, the company sells through its e-commerce site and select retailers, focusing on seamless, comfortable fits in sizes XS to 3X. |
| HQ Country | |
| HQ City | Los Angeles, CA |
| Deal Date | 25 Apr 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all ThirdLove acquisitions and their M&A valuation multiples. Start Free Trial | |
ThirdLove Competitors
ThirdLove competitors include listed companies like Boozt and WeBuyCars, and private ones like Go Colors, The Pant Project, Hungryroot and tradeinn.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Sweden | Publicly listed | $845M | $71M | $854M | 1.0x | |
 Chennai | Private | $82M | $26M | $871M | 10.6x | |
| Mumbai | Private | $3M | - | $390M | 130.0x | |
| New York City, NY | Private | $175M | - | $750M | 4.3x | |
 South Africa | Publicly listed | $1.6B | $90M | $734M | 0.5x | |
 Girona | Private | $637M | - | $767M | 1.2x |
ThirdLove Public Comps
ThirdLove is still privately-owned, but its public comps include almeera, Movado Group, WeBuyCars, Canada Goose, Safari Indus (India), Synsam, ASKUL, Safilo Group, QVC Group and Fanli Digital Technology.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $799M | $83M | 1.2x | 1.1x | 11.3x | 11.5x | |||
| $671M | $44M | 0.9x | 0.9x | 13.6x | 11.6x | |||
| $1.6B | $90M | 0.5x | 0.5x | 9.7x | 8.6x | |||
| $1.1B | $158M | 1.1x | 1.1x | 7.5x | 5.6x | |||
| $213M | $29M | 3.6x | 3.3x | 26.1x | 25.5x | |||
| $734M | $130M | 1.5x | 1.4x | 8.3x | 5.8x | |||
| $2.6B | ($100M) | 0.3x | 0.3x | (8.8x) | 263.4x | |||
| $1.1B | $126M | 0.7x | 0.7x | 6.3x | 6.0x | |||
This data is available for Pro users. Sign up to see all ThirdLove competitors and their valuation data. Start Free Trial | ||||||||
Common questions about ThirdLove
| When was ThirdLove founded? | ThirdLove was founded in 2013. |
| Where is ThirdLove headquartered? | ThirdLove is headquartered in San Francisco, CA, United States. |
| Is ThirdLove publicly listed? | No, ThirdLove is a private, VC-backed company. |
| What is ThirdLove's valuation? | ThirdLove was last valued at $750M in its Series B in February 2019. |
| How much funding has ThirdLove raised? | ThirdLove has raised $69M across 3 funding rounds. |
| What was ThirdLove's last funding round? | ThirdLove's last funding round was a $55M Series B in February 2019, led by Allen & Company and L Catterton. |
| Who are ThirdLove's investors? | ThirdLove's investors include New Enterprise Associates, Michael Zeisser, Felicis, Jeffrey Keswin, L Catterton, Susan Wojcicki, Valor Equity Partners, Allen & Company, Tim Armstrong, Anne Wojcicki and 1 other. |
| What is ThirdLove's revenue? | ThirdLove's latest recorded revenue is $100M (February 2019). |
| What is ThirdLove's revenue multiple? | ThirdLove's latest valuation implies a 7.5x revenue multiple ($750M valuation on $100M of revenue). |
| Which companies are comparable to ThirdLove? | Companies comparable to ThirdLove include Boozt, Go Colors, The Pant Project, Hungryroot, WeBuyCars and tradeinn. |
| How many companies has ThirdLove acquired? | ThirdLove has acquired 1 company, including Kit Undergarments. |
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