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Bag Borrow or Steal to broaden designer products portfolio

09
Mar '06
Leading online service for fashion-savvy consumers who wish to borrow rather than buy, Bag Borrow or Steal announced that it has raised $8.25 million in a Series B round of funding.

The financing was led by Madrona Venture Group, with existing investors Impact Venture Partners and Valence Capital Management also participating in the round.

Bag Borrow or Steal plans to use the new funds to expand its portfolio of designer products and accelerate growth in the market for luxury borrowing.

Concurrent with the funding, Paul Goodrich, managing director at Madrona Venture Group, joined the company's Board of Directors.

"Bag Borrow or Steal was first-to-market with the concept of borrowing luxury products and is leading a revolution in the way consumers shop for designer goods," said Michael Smith, Chief Executive Officer at Bag Borrow or Steal.

"Over the past two years they have attracted thousands of members and in turn gained valuable insight into consumer attitudes and desires about borrowing designer goods online.

At the same time they focused diligently on building a business that can scale rapidly and support their future plans.

Now with market leadership established, a solid organization in place, and a new round of financing, they are well positioned for continued growth and expansion."

Founded in 2004, Bag Borrow or Steal built the first online membership service that allows any consumer to carry a designer handbag without actually purchasing it.


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