Milwaukee-based fashion startup Wantable Inc. has raised $1.4 million from eight investors in an equity round led by Northwestern Mutual’s Cream City Venture Capital and venture philanthropy organization BrightStar Wisconsin Foundation Inc.
The company, which delivers personalized makeup, accessories and apparel to tens of thousands of customers through a subscription service, opened and closed the funding round May 1, said Jalem Getz, president and founder. Both existing investors and new institutional investors contributed, he said. The new investors presented a good opportunity to open a round, he said.
“We have no general purpose for the round,” Getz said. “It is an equity round, just to fill the topper, so to speak, with additional funds. It’s just an opportunity to strengthen the balance sheet.”
Wantable had its first profitable year in 2016, and expects to be profitable again in 2018, he said. The company, founded in 2012, has grown to 118 employees and earned an Inc. 5000 listing in 2016 with revenue of $14.1 million. While it’s profitable, continuing to raise private equity funding helps create a capital cushion and keep up with inventory demands, Getz said. Read the full story here.