Mr. Hermand-Waiche. (Photo: Google+)
Two months ago, Betabeat interviewed Morgan Hermand-Waiche, cofounder of the virtual lingerie subscription service Adore Me, for a profile of superangel Fabrice Grinda. Mr. Grinda usually invests in companies that knock off an existing, proven idea, but Adore Me is one of his rare original investments.
Last week, Adore Me announced a $2.5 million round of funding from venture capital firms and angel investors. No surprise, as Mr. Grinda helped Adore Me raise its first $500,000 just by sending out a few emails. Adore Me is headquarted in the suite next to Mr. Grinda's.
Mr. Hermand-Waiche was working on Lofty, an Airbnb-esque site, when he came up with the idea for Adore Me in May 2011. "I was spending half my time working on Lofty and half my time brainstorming ideas," he told Betabeat in April. "The business model is a business model we use because it's working in other verticals. It's not an international arbitrage"—Mr. Grinda's term for importing and exporting proven ideas—"it's an innovation."
Adore Me customers sign up, take a personality quiz, and then get offers every month to a "private showroom" in which chemises, night gowns and lingerie sets all go for $39.99. Customers get to feel like they're part of a club, and can decide each month if they want to buy anything. The money will be used to expand into swimwear, according to a press release.