Andie Swim raises $6.5 million to invest in expansion
New York city-based swimwear brand Andie Swim announced on Thursday the closing of a Series A funding round of $6.5 million, which will allow the direct-to consumer company to further expand.
With the funding round led by investors CityRock Venture Partners, Trail Mix Ventures and others, Andie Swim will be able to add to its all-female team and create inclusive new product lines, and collaborations that appeal to a diverse range of women.
"In three short years we've turned swimwear shopping on its head. Our mission is to offer women swimwear that inspires confidence and builds community," said Melanie Travis, CEO of Andie Swim, in a news statement.
"We've ensured our swimsuits fit women of every size, and have been called the 'Little Black Dress of swimwear' by Glamour because our swimwear evokes timeless quality, affordable luxury and flattering silhouettes.”
Since its launch in 2018, the company has experienced 6x year-over-year growth and its most popular pieces have sold out 10x over. Andie Swim has been winning its customers over with its ecommerce experience that offers an Online Fitting Room and Digital Fit Quiz, which has resulted in customers purchasing three-six suits per year.
Industry analyst firms estimate that 25 percent of the swimwear market in the U.S. is currently online. To date, the three-year old company has raised more than $9M in venture financing including from CityRock Venture Partners and TrailMix Ventures.
"It's telling that Andie's eco-friendly swimsuit is also its runaway best seller," said Oliver Libby, Partner at CityRock Ventures.
"Andie Swim is 100 percent data driven -- measuring every aspect of its company and customer experience to provide unprecedented levels of personalization. But it is human centric at its core, understanding the behavioral psychology around swimsuit shopping and consumer sentiment shifts."
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