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Fashion Playtes boosts Series A round with $4M from Fairhaven
Fashion Playtes Inc., the Salem-based design-it-yourself clothing site for tweens, has added $4 million in an oversubscribed round led by Fairhaven Capital Partners to its Series A funding. Since its founding in 2009, Fashion Playtes has raised a total of $5.8 million.
Original investors New Atlantic Ventures, Launch Capital and Golden Seeds also participated in the new round. The new funds will be used to speed up development of its online offerings and expand its customer base, officials said. That customer base, girls ages five through 12, have created nearly 200,000 unique garments on FashionPlaytes.com since its launch, according to the company.
Earlier this summer, FashionPlaytes announced a deal with San Francisco-based Sanrio Inc., the company behind the Hello Kitty brand of products, to launch a series of kiosks in its top retail stores nationwide.
Fashion Playtes took its first funding round in August of 2009, from New Atlantic Ventures and LaunchCapital. In February Golden Seeds joined in the Series A round, bumping it up to $1.8 million. At that time, CEO and founder Sarah McIlroy said the company was looking to end the Series A at $2 million.
