Vietnamese Garden

Why Have Venture Capital Firms Taken An Interest In Adam Goldenberg’s Company JustFab?

Adam Goldenberg and his friend Don Ressler, co-founders of JustFab have had the business and fashion community talking. This company has brought something unique to both social media and fashion shopping, a fun platform that includes monthly subscriptions and VIP memberships with credits for shopping. JustFab was started as a women’s style brand, but it has since started a men’s branch, founded sister companies in Fabletics and FL2, and now acquired Fabshoes. JustFab also has local stores in various locations, and with the rave about this company, it’s no wonder venture capital investors on Bloomberg such as Josh Hannah of Matrix Partners and many others are funding JustFab. So far JustFab has received over $300 million in venture capital funds.

Before Adam Goldenberg co-founded JustFab, he was working for the company that started up MySpace, Intermix Media. Goldenberg was only 15 when he turned his first business idea into a website company called Gamer’s Alliance, a network that connected gamers to various niche sites. Intermix Media bought this company out and made Goldenberg a part of their team, seeing a potential business leader at matrixpartners.com that could help the company out tremendously. They were right. At only 20, Goldenberg had already become Chief Operating Officer, and soon he was working with Don Ressler, a new friend he had met who had also started up his own business that Intermix bought. The two built a series of advertising companies under Intermix Media that would help bring profits in.

Read more: JustFab’s CEO On what it’s like to be a unicorn

In 2005, Goldenberg and Ressler decided to leave Intermix Media after News Corp took over. While they had made many friends there, they felt it was in their best interest to start up their own companies. Even with limited resources, Goldenberg and Ressler started direct selling various beauty products and cosmetics, building an incubator company called Intelligent Beauty. In 2010, they decided to try out the fashion industry and launched JustFab.

The company’s concept was novel at the outset, but word got around that a new fashion outlet was going to spring up online, so many people took interest in it. Kimora Lee Simmons, a famous fashion model took particular interest in this cheaper fashion company and the subscription and social media platforms involved, and she brought over many twitter followers to JustFab. Soon, Kate Hudson and her brother Oliver were also taking an interest and soon endorsed the company. JustFab has been valuate at over $1 billion recently, and looks to continue being a disrupter in the fashion world.

Learn more about Adam Goldenberg: http://www.builtinla.com/2014/01/18/3-la-ceos-you-need-know-now-adam-goldenberg-justfab

Leave a Reply

Your email address will not be published. Required fields are marked *