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Polyvore Announces $14 Million in Series C Funding



  Polyvore Announces $14 Million in Series C Funding

                Jess Lee Becomes CEO, Pasha Sadri Becomes CTO

    13 Million Monthly Visitors Discovering Style On Web's Largest Fashion
                                Community Site
                    Where 1 Set is Created Every 2 Seconds

Business Wire

MOUNTAIN VIEW, Calif. -- January 23, 2012

Polyvore, Inc., the web’s largest fashion community site, today announced $14
million in Series C financing, led by DAG Ventures and with participation from
new investors Goldman Sachs and Vivi Nevo (NV Investments). Early Polyvore
investors Benchmark Capital and Matrix Partners also participated in this new
funding round.

With this new funding available for technology innovation, Co-Founder and CEO
Pasha Sadri will now focus on product strategy and engineering full-time as
Chief Technology Officer, with Co-Founder and Vice President of Product Jess
Lee becoming Chief Executive Officer.

Polyvore is known worldwide for fashion “sets” – digital collages that users
create by combining their favorite products from across the web – and now has
more than 13 million unique monthly visitors, an 80% increase over last year.
The Polyvore user community creates on average one Polyvore set every two
seconds, a total of 1.4 million sets per month.

“Polyvore empowers people to express their sense of style by making sets, or
digital collages, filled with their favorite products. Our goal is to build
the web’s biggest platform for discovering fashion,” said Polyvore Co-Founder
and CEO Jess Lee.

“We've achieved tremendous growth over the last year and are thrilled to have
such world-class investors backing us,” said Co-Founder and CTO Pasha Sadri.
“We plan to use the funds to recruit more engineering talent and accelerate
our rapid growth. I’m excited to focus my time on driving our technology and
product decisions.”

"Over the past four years, Polyvore's talented team has proven its ability to
be a game-changing force in fashion," said Dana Stalder, Polyvore board member
and general partner at Matrix Partners, who has also invested in leading
fashion ecommerce companies Gilt Groupe and JustFabulous. "Polyvore has
already changed how people cultivate their sense of style. Now the company is
ready to take the next step forward as it transforms the way brands market to
consumers, profoundly altering the way people shop."

“Brands have always known that word-of-mouth is the best form of marketing.
Polyvore helps brands build authentic buzz through genuine user engagement.
Polyvore users are a global community of fashion lovers who promote their
favorite products and share them with friends and followers,” said Benchmark
partner and Polyvore board member Peter Fenton, who is also on the boards of
Yelp and Twitter.

Polyvore was founded in 2007 and has grown to include 39 employees. In recent
months, designers and retailers including Gucci, Lancôme, and Nordstrom have
turned to Polyvore for help increasing their digital reach and branding
through innovative partnerships. The company also recently announced its plans
to partner with COVERGIRL to host “Polyvore Live”, a fashion show during
Mercedes Benz Fashion Week that will showcase the collections of four emerging
designers, modeled entirely by a cast of fashion bloggers.

About Polyvore

Polyvore is the web’s largest fashion community site, where users are
empowered to discover their style and set trends around the world. With over
13 million monthly unique visitors, Polyvore's global community has created
over 42 million fashion sets that are shared across the web. Headquartered in
Silicon Valley, Polyvore is funded by Benchmark Capital, Matrix Partners, DAG
Ventures, Goldman Sachs, and NV Investments. For more information, please
visit www.polyvore.com.

Contact:

Goldin Solutions
Rose Levy, 646-660-8641
rose@goldinsolutions.com
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