Insight Backs skinnyCorp to Aide in Growth of Threadless.com, the Highly Trafficked Apparel Design Community
Market Wire, November, 2006
Chicago-based skinnyCorp, Inc., creators of the popular apparel design community Threadless.com , today announced it has secured a minority investment from Insight Venture Partners.
The skinnyCorp investment follows explosive growth over the past 18 months. Founders Jake Nickell and Jacob DeHart look forward to working with Insight Venture Partners to help expand the depth and breadth of skinnyCorp's offerings. "Our goal is to continue to enhance the Threadless experience and to expand our business. We wanted to bring on a partner that really got what we are doing here and let us do what we do best -- building the best community that we can and putting our customers first," said founder Jake Nickell.
Threadless.com is a highly trafficked apparel design community which draws together designers to compete for the production of their design. T-Shirt designs are submitted to Threadless.com for the community to vote on their favorite shirts. Competition winners have their designs produced into t-shirts and are given an ever-growing assortment of cash and prizes.
skinnyCorp's motto, "skinnyCorp Creates Communities," is pervasive through the organization. Aside from Threadless.com the Company also founded NakedandAngry.com , ExtraTasty.com , and a number of other community-oriented websites. "We started this business back in 2000 and have learned a lot. Designing communities takes time, but we think it is a lot of fun and are just happy to see that so many people enjoy what we've built," said founder Jacob DeHart.
Their most successful venture to date, Threadless.com continues to grow in popularity, exceeding everyone's expectations. The skinnyCorp team decided to bring on a partner to help manage growth, so that they can focus on what is most important to them -- their users and community. Insight Venture Partners brings more than a decade of experience of investing exclusively in software and Internet businesses along with a resource team dedicated to helping Threadless continue to scale its operations. Managing Director Jeff Lieberman said, "skinnyCorp is exactly the type of business that we seek to invest in. They are building a real business, with loyal users, who love their products. Our goal is to help Threadless deal with operational issues, allowing them to focus on what they do best. We are extremely pleased to be on board."
Creative Director and Community Leader, Jeffrey Kalmikoff said it best, "If you know us, you get us. If you get us, you realize that we are all about our community and we do everything we can to make it more than fair, and better all the time." Competitions are designed to honor the most talented designers and to create t-shirts that the community loves. Threadless.com and skinnyCorp as a whole is excited about the opportunity to build upon its success and to continue to empower its beloved community.
About skinnyCorp, Inc.: Founded in 2001, skinnyCorp is a global leader in crowd sourcing for the apparel design vertical. Its flagship online community, Threadless.com , is a highly trafficked, online community which draws together apparel designers to compete for the production of their design, primarily focusing on t-shirt sales to date. T-Shirt designs are submitted by the community, voted on by the community, selected for buy-ability, printed and then sold. The contest winner gets their design manufactured and then the voting community and other site visitors are given the opportunity to purchase products. The community currently has 400,000 users, demonstrating explosive growth over the last 2 years with significant continued traction.
About Insight Venture Partners: Insight Venture Partners has raised over $2 billion in capital to invest in leading software and Internet services companies. Headquartered in New York, Insight takes a global approach to investing, providing hands-on execution and strategic advice to ensure portfolio companies benefit from Insight's experience. Insight was founded in 1995 and invests in and partners with growth-stage software and Internet companies, with proven track records, focused on growing and scaling their businesses. For additional information, visit the firm's web site at: www.InsightPartners.com .
Contact: Tanya Thomas Truth Be Told 212.477.8090 ext. 15
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