Sophia Amoruso, famously known as the founder of Nasty Gal, recently raised seed funding for her new company Girl Boss. The company announced $3.1 million in funding which was led by Lightspeed Venture Partners, whose partner, Nicole Quinn, led the deal and joins the startup’s board. The new funding values the company at $13.1 million.
Girlboss was founded for women redefining success on their own terms. Founded by serial entrepreneur Sophia Amoruso, Girlboss was born from the book written that inspired a generation of women to take action in their own lives. In May of 2014, Sophia’s book #GIRLBOSS skyrocketed onto the New York Times Bestseller list and stayed there—for nearly 20 weeks. Netflix has since adapted the story as a scripted comedy created and written by Kay Cannon.
Amoruso’s decision to start a media business is no surprise to many, since her previous venture was the online fashion retailer that a lifestyle for young women.
This deal comes just a year after Amoruso’s first company Nasty Gal filed for chapter 11 bankruptcy. After 10 years of business, this decision was made to address immediate liquidity issues, restructure the company’s balance sheet and correct structural issues including reducing their high occupancy costs and restoring compliance with their debt covenants.
Lightspeed Venture Partners’ investment in Girl Boss is right up their alley as the firm is known for investing in startups that specialize in technology and ecommerce. The firm is also actively searching for new brands that are in-sync with their target market.
According to an interview with the WSJ, Nicole Quinn was most intrigued by the digital ticketing portion of the company’s business, which she believes has the potential to grow in a fashion similar to the at-home classes offered by the cycling startup Peloton. “You pay to go to an actual class, but the majority of people watch it through digital means,” Ms. Quinn said. “That, to me, has huge scale.”
Sophia Amoruso was convinced that she had found the right investor in Nicole Quinn and Lightspeed. By the beginning of November, the round of funding for Girl Boss was oversubscribed (a word investors use for people fighting to get into a company).
Amoruso believes that the future for Girlboss looks bright, and is ready to prove this to her consumers and investors. “There’s something to be said for having a chip on your shoulder; for not getting it right the first time and having the breadth of experience to finally exploit your hard-earned wisdom. I no longer inherit the mistakes I made over the years at Nasty Gal, too ingrained to unwind once they were set into motion”, stated Amoruso.
“I couldn’t be more thrilled and honored to have their support in what we’re building, and am equally thrilled and honored to have been given this second chance by our community of incredible women, many of whom have followed my own ups and downs, choosing to continue rallying together for Girlboss. And me, surprisingly, despite it all”, stated Amoruso.
By Lolita Alford