Stylitics successfully completed its $515,000 equity offering which started this month. The non-brokered private placement was subscribed by eleven investors. Up to this point Stylitics had raised an estimated $1 million via one financing round in August 2011.
The company developed and markets a virtual closet platform also available for mobile devices running on iOS and Android. The application allows users to plan and share outfits with friends, get suggestions based on what is trending or what the user hasn’t worn in a while. The platform also provides a real time report on what is happening in the fashion world and…where to shop. While the application is free, the company is able to monetize the technology by analyzing local clothing trends and sell local insights to brands and retailers.
The company, headquartered in New York NY, is led by Rohan Deuskar (Co-founder and CEO). Stylitics elected not to disclose its revenues. The executive team includes Zach Davis (Co-founders and CMO). The board of directors includes Siv Paumgarten, Mac Dabah and Simon Bond.
Status: Final close
Industry: Other Technology
Amount offered: $515,000
Amount placed: $515,000
First Sale: 01/17/14