Israeli startup Brayola has completed a $5 million financing round, sources inform "Globes." Founded in 2011 by CEO Orit Hashay, the company operates online brassiere stores. The Firstime fund, managed by Ilan Shiloah, Nir Tralovsky, and Jonathan Benartzi, led the round with a $4 million investment, with participation from Gett (formerly GetTaxi) founders Shahar Waiser and Roi More and former fashion industry figure and Kidbox founder Haim Dabah. Following the new investment, Shiloah will become chairman of Brayola.
Brayola's market is estimated at $32 billion a year, including $14 billion in the US, where the company is currently focusing. The company's algorithm enables women to find bras that fit them, and offers them a selection of virtual bras, from which they can select the ones they like according to brand and size. The model is successful, reflected in a 10% rate of returns, compared with a 30% average in online bra purchases. Brayola's algorithm uses a database with information about over five million bras. The company currently cooperates with over 100 brands offering over 10,000 products.
Hashay previously founded a number of Internet ventures, and was an investment manager in Carmel Ventures. Brayola, which has raised a total of $7 million since it was founded, had sales in excess of $10 million in 2016, and expects to triple this figure with $30 million in sales in 2017. If this forecast materializes, Brayola will make a profit. The company says that tens of thousands of customers use its platform each month. Brayola has offices in Israel and New York, and employs a staff of 30, including 25 in Israel.
Hashay said today, "Our vision is to build an Amazon.com for women. We are excited to complete a financing round that will enable us to continue growing and building the company's brand. We want to expand our circle of customers, and bring the news of a change in the experience of shopping for women's lingerie to the whole world."
Shiloah, who chairs The Time group, said, "Brayola is bringing a solution to the market that solves an acute problem for a $32 billion market. Brayola's solution is a game changer in every respect, and the company has extraordinary growth potential. The company is an example of smart ecommerce that uses an online platform to give customers added value that they never before received."
Published by Globes [online], Israel Business News - www.globes-online.com - on March 5, 2017
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