Demi Moore Invests in Andie Swim
/The strategic investment was part of a $2 million seed round raise.
The actress Demi Moore has made a strategic investment in Andie Swim as part of a $2 million seed round that was raised earlier this month. The seed round, which includes other strategic investors such as Hubble Contacts cofounder Jesse Horwitz, was led by venture capital firms Two River Capital and Sonostar Ventures.
The company’s swimsuits are made by women for women, based on the idea of a suit that “fits right, wears right, is easy to buy and easy to wear. The [investors] that understood this best are the ones we partnered with in this round,” said Melanie Travis, Andie founder and chief executive officer.
Moore said, “I was drawn to Andie’s approach, which puts women at the forefront. Shopping for a swimsuit can be stressful and time-consuming for so many women, but Andie makes finding the perfect swimsuit an incredibly simple, easy and comfortable experience.”
One unique component of Andie Swim is its rethinking of the swimwear shopping experience. The company gave women a seven-day tryout period at home before having to return the ones they don’t want. The start-up changed its policy in January. Now women can order as many as they want, and have unlimited free returns and exchanges within 30 days of receipt.
Travis said the company raised a $250,000 in friends and family round in 2016 before launching the business in spring 2017. The latest round will enable the company to accelerate its product development and enhance its e-commerce experience, as well as expand its core team.
The initial focus of the line was the one-piece swimsuit in three different styles, although two-piece suits are expected to become available possibly as early as next month, according to the ceo.
Greg Kiernan, partner at Sonostar Ventures, said, “The investment checked our three-key criteria: concept, management and value. I have three young adult daughters, each of whom has described the nightmare of trying to buy a quality bathing suit in stores. After reviewing Andie’s web site, suit design and business model, we were confident about the business concept. We also have confidence in Melanie Travis and the impressive women on her team. Finally, we thought that the valuation was fair — allowing us to get a meaningful stake in this exciting venture.”
Horwitz, who is also co-ceo of Hubble Contacts, said, “Melanie’s just totally kick-ass. We get to spend time with a lot of founders and her approach is thoughtful and unique.…The great thing about Andie is it’s a proven concept, and not just a hypothetical. The brand was already up and running and live, and we could see the deep connection it was building with consumers.”
According to Travis, the swimsuits are sold in all 50 states and the District of Columbia, as well as in Australia and Canada.
