The FGB Digest brings you the latest news on the world’s fastest growing direct-to-consumer and challenger brands. In today’s edition: Warby Parker raises USD$245m; Pinterest trials quiz ad unit in Canada; Callaly raises £1.7m.
Warby Parker raises USD$245m in Series F/G
DTC optical brand, Warby Parker, has announced it has raised USD$245m (£179.3m) from D1 Capital Partners, Durable Capital Partners, T. Rowe Price and Baillie Gifford. This latest round reportedly brings Warby Parker's valuation to USD$3bn and is a combination of a USD$125m (£91.5m) Series F round and a USD$120m (£87.9m) Series G round.
Founded in 2010, the DTC giant has launched various initiatives over its decade in business, helping it to achieve consistent growth, including its 'Buy A Pair, Give A Pair' program, its prescription check app, and its virtual try-on feature. Warby Parker has also expanded beyond ecommerce and now has 125 stores across the US and Canada. The latest round brings Warby Parker's total funding to USD$535.5m (£392m).
Pinterest trials quiz ad unit in Canada
Image sharing and social media platform, Pinterest, has rolled out a new quiz unit, which is currently being trialled in Canada. The unit is designed to help Pinterest users receive inspiration from brands, with Ikea being one of the first brands to test the new format with consumers.
With a surge in home improvement and DIY interest during the pandemic, Pinterest's quiz unit format gives brands the opportunity to take advantage of the discovery element of the platform. This would add to Pinterest's existing ad unit portfolio of 'standard', 'carousel', and 'collection' ads, but if successful and rolled out in other markets, would represent a shift in ad creation, with current advertising formats focused on promotion of 'pins', rather than personalised engagement with users based on their style choices.
Callaly raises £1.7m
British femtech, Callaly, has raised £1.7m in equity crowdfunding on the CrowdCube platform; 170% of target. The first British period B-corp plans to expand across Europe with its organic cotton period products via subscription, including its 'tampliner' innovation.
The company plans to launch in Sweden, Netherlands and Ireland in September, with successful trials in China having also taken place. Callaly also saw a 160% increase in UK subscribers during the pandemic, likely initially sparked by shortages of feminine care products in supermarkets due to early stockpiling. This latest raise brings Callaly's total funding to £9.6m.