Dive Brief:
- Following product and campaign launches this year, DTC brand Andie has raised $18.5 million in a Series B funding round led by Marcy Venture Partners, the company announced this month. Previous investors CityRock and Gaingels, among others, also participated.
- The funding will support Andie's omnichannel distribution growth and international expansion. The company said it also plans to expand its executive team and add more products to its current selection to appeal to more customers.
- The company this year grew 100% year over year, while its sales in Australia increased 500% from last year, per the announcement.
Dive Insight:
Andie's Series B funding round follows its previous funding round last year and its experimentation with brick-and-mortar retail. In October 2020, the brand raised $6.5 million in Series A funding from CityRock Venture Partners, Trail Mix Ventures and other investors. The funding helped the company grow its all-women staff and add new product lines. In November, the retailer opened its first pop-up shop in West Palm Beach, Florida, per its press release.
Besides testing its offline strategy, Andie has also focused on reaching new customers and expanding its product assortment. In April, the company launched an intimates line, complete with two bralettes and three underwear styles. Three months later, the brand tapped actress Demi Moore and her daughters Rumer, Scout and Tallulah Willis to star in its "Together" campaign.
"We're committed to continuing to be a source of comfort for women as we enter new categories," Melanie Travis, founder and CEO of Andie, said in a statement. "This has been an extremely high growth year for the brand and this funding will fuel our next stage of growth as we continue to bridge the gap between swim, intimates and loungewear, as well as hone our omnichannel retail strategy, meeting our customers wherever they are."
