Three venture capital firms are poised to take home a huge payday off of Stitch Fix’s decision to go public, the company’s IPO filing shows.
Here are the big winners from Stitch Fix’s IPO
A few lucky VC firms will have big returns.
The online retailer disclosed on Thursday that only a few investors held concentrated ownership positions in the company. That’s in part because Stitch Fix, despite seeking a valuation at $2 billion, has raised just under than $50 million in equity since it was founded six years ago.
Baseline Ventures, which co-led the company’s $5 million Series A round in 2013, holds 28 percent of its common shares, according to the S-1 document filed with the SEC.
Benchmark Capital, the top-tier firm that led Stitch Fix’s next round later that year, owns 26 percent of the company. Prominent investor Bill Gurley has been seated on the company’s board.
Stitch Fix CEO Katrina Lake owns 16.6 percent of the company’s shares. She sold off about $1 million of her stake late last year, in a sale that valued the company at $2 billion at the time.
And Lightspeed Venture Partners, which led the Series A round alongside Baseline, has a 12 percent position. Justin Caldbeck, a venture investor accused of sexual harassment by several women, was responsible for the deal at the time. He was removed as Lightspeed’s observer to the Stitch Fix board of directors several years ago at the request of Lake, and hasn’t worked at Lightspeed in years.
This article originally appeared on Recode.net.
See More:
