FashionPlaytes® Raises $4.0 Million in Venture Funding

SALEM, Mass.--(BUSINESS WIRE)--FashionPlaytes, Inc. has announced it has raised $4 million in an oversubscribed round led by Fairhaven Capital Partners with participation from existing investors New Atlantic Ventures, Launch Capital, and Golden Seeds. The company launched in 2009 with an initial round of $1.8 million and this expansion capital brings its total Series A round to $5.8 million. On FashionPlaytes.com, girls ages 5-12 go beyond virtual “dress up” games and design one-of-a-kind outfits that are produced and shipped to their doorstep. The company will use the capital to accelerate product development and expand its customer base.

“Starting at an early age, girls learn to express their creativity through fashion; virtual dress up games are all the rage and girls spend hours online creating virtual designs. At the same time, parents appreciate unique, well-crafted products at prices that rival The Gap”

“As a retail innovator, FashionPlaytes.com is the first to bridge the gap between virtual games and physical goods in the girls gaming category,” said Rudina Seseri of Fairhaven Capital. “We’ve invested in a business that is well positioned for growth at the intersection of entertainment and eCommerce in the multi-billion dollar tween retail market.” With this round, Seseri will join the FashionPlaytes Board of Directors.

Since its official debut in November 2009, tween fashion designers have created nearly 200,000 unique garments on FashionPlaytes.com. Using virtual sketchbooks and swatches, girls express themselves through fashion design, creating their own jean jackets, dresses, tees, hoodies and more from over 5 million possible design combinations. FashionPlaytes.com is the recipient of a 2010 Mom’s Choice Award for outstanding product and was a finalist in the 2010 MITX Technology Awards.

“Brands continue to explore ways to stay relevant with tween audiences and have embraced the innovative experience on FashionPlaytes.com,” said Scott Johnson, managing partner, New Atlantic Ventures. Earlier this summer, Sanrio, the company behind the iconic brand Hello Kitty, joined forces with FashionPlaytes to launch a series of kiosks in its top retail stores nationwide.

“Starting at an early age, girls learn to express their creativity through fashion; virtual dress up games are all the rage and girls spend hours online creating virtual designs. At the same time, parents appreciate unique, well-crafted products at prices that rival The Gap,” said Sarah McIlroy, founder and CEO, FashionPlaytes. “By bringing together creative and fun social gaming with mom-approved, mass-customized fashions, we can offer a revolutionary shopping experience for young girls that parents embrace too.”

About FashionPlaytes.com

FashionPlaytes.com is the design-it-yourself fashion destination site for girls ages 5-12. The site lets girls be fashion designers and create a line of clothing they can actually wear. With over 5 million design combinations, FashionPlaytes.com offers a fun, creative outlet for self-expression and engaging shared experiences for girls worldwide. For more information, visit www.fashionplaytes.com or follow @fashionplaytes on Twitter.

About Fairhaven Capital Partners

Based in Cambridge’s Kendall Square, Fairhaven Capital is a venture capital fund dedicated to a thesis-based approach to investing in North American technology companies. This approach focuses investment efforts on markets where emerging companies and technologies can create significant value in three to five years. The Fairhaven team is focused on themes in the consumer, enterprise, financial services, materials, media infrastructure and security markets. Fairhaven is currently investing out of its second fund of $250 million.

About New Atlantic Ventures

New Atlantic Ventures is an early stage, technology-focused venture capital firm investing actively in digital media and electronic commerce companies. Collectively its partners have helped entrepreneurs start more than 100 companies including DivX, EnerNOC, Massive and Mobile365. Returns on its most recent funds rank in the top ten percent of all venture funds nationally. New Atlantic Ventures manages $225 million from offices in Cambridge, MA and Reston, VA.