Online Retailer Everlane Wants To Raise New Money At A Valuation North Of $250 Million
Everlane, the online retail startup that puts transparency at the center of its pitch to millennial shoppers, is in talks to secure a new investment and is seeking a valuation north of $250 million in the process, according to multiple sources. The four-year-old company has raised $18 million in total to date, these people said, at lower valuations. An Everlane spokesman declined to comment.
The San Francisco-based company sells contemporary apparel in minimalist colors and designs — think sweaters, hoodies, button-down shirts and weekend bags in whites, blacks, grays and blues — at what it says is a fraction of the cost other retailers do. Run by 30-year-old Michael Preysman, the company’s website discloses how much each article of clothing costs Everlane to make and what the factories that manufacture the goods look like. Read more at Re/code.