Chrystal Capital’s newly launched co-investment team has introduced family office capital into a co-investment fundraise, alongside an asset manager, participating in the US $9.5 million Series C extension in Le Tote.
This deal is Chrystal’s first co-investment transaction, enabling family offices and private investors direct access to alternative off market deal flow.
The Netflix for Fashion
Labelled as the Netflix for fashion, Le Tote is an innovative fashion discovery platform for women based in the US. For a monthly subscription, Le Tote provides a box of clothing and accessories for rent, with the option to purchase, from both renowned brands and the Le Tote private brand.
The platform leverages artificial intelligence to understand and predict apparel that will appeal to the subscriber. The Le Tote team has already executed a number of significant partnerships with notable labels including Calvin Klein Jeans, Nike, Levi, Rebecca Minkoff, French Connection and many more. This round will enable Le Tote to internationally expand with the launch of Le Tote China.
Investors in Le Tote include Andreesen Horowitz, Google Ventures, Lerer Hippeau Ventures, Sway Ventures and many more.
“Our new co-investment strategy allows our investor network to invest alongside top tier institutions.”
Saavan Shah, Director, Co-Investment at Chrystal Capital
Chrystal Capital’s co-investment team partners with leading VC and PE houses to allow family offices, and private investors to access co-investment opportunities alongside these institutions. This gives investors the ability to maintain discretion over their investments and diversify risk, by cherry picking deals originated from the strategic relationships; whilst enabling institutions to utilise full pre-emption rights, provide the capacity to make larger investments and consequently result in additional AUM and fees.