Adam Goldenberg’s Company Became The Target Of Many Venture Capital Investors
JustFab has disrupted the fashion landscape with the way it does business, and it’s become an attractive company for venture capital suppliers to invest in. The company was founded by Adam Goldenberg and Don Ressler back in 2010, an idea of theirs to shake their Intelligent Beauty company up just a little bit, and it’s become a brand that’s got its name out without much advertising. The apparel they produce is very trendy but affordable compared to most of its competitors on Brandettes, and to this day the company has raised over $300 million in venture funds from many capital suppliers including Matrix Partners, Crosscut Ventures, Passport Capital, and others.
But the real story is the man behind the company, Adam Goldenberg who was an entrepreneur from an early age. When he was 15, he started up Gamer’s Alliance, a company that created an advertising network of video game sites. The digital media company Intermix Media bought Goldenberg’s company, and asked him to join their company. Goldenberg traveled across the country to Los Angeles where he became the youngest chief operating officer on any public traded company while working for Intermix Media. And Adam Goldenberg met Don Ressler who was a savvy brand consultant and had started up FitnessHeaven.com. The two became friends and helped build several startup at their company.
NewsCorp bought out Intermix Media in 2005, and soon Goldenberg and Ressler left after seeing where the company was going. They started out several other companies under a parent company called Intelligent Beauty, and those companies included Dermstore, Sensa, and Brentwood Cosmetics. They soon began to feel the fashion industry beckoned them, so they pulled together ideas from various employees to startup JustFab. Source: http://www.businessinsider.com/justfab-becomes-techstyle-fashion-group-2016-8
Goldenberg and Ressler didn’t really know much about fashion, but they got connected with the right people. They used social media as the chief platform for getting the word out, and it paid off handsomely when supermodel Kimora Lee Simmons joined the team and brought millions of twitter followers with her. The company took off when Adam Goldenberg and Ressler built a subscription model into it that had various membership benefits. After JustFab received its initial rounds of venture capital, it started opening up local stores where customers could see the apparel in person, and growing operations to countries overseas. It also started up Fabkids, Fabmen, Fabshoes and its Fabletics brand which actors Oliver and Kate Hudson decided to endorse.