EBY, a women's empowerment and tech apparel company specializing in seamless underwear, has raised $6 million in Series A funding. Co-founded by "Modern Family" star Sofía Vergara and entrepreneur Renata Black, the New York-based lingerie brand was established in 2018 to become the industry leader in seamless innerwear. EBY, which stands for Empowered by You, utilizes patented flocking technology, also known as "no-slip-grip," for its seamless panties and bralettes.
Known for its seamless, second-skin feel panties, EBY has capitalized on a business model that blends comfort with purpose. The company's patented flocking technology ensures that its underwear stays in place, providing wearers with an unparalleled level of comfort without the inconvenience of panty lines or slippage. Customers can purchase these products through a membership model or opt for a la carte selections, which adds flexibility to their buying experience.
The investment round was led by Colt Ventures, a firm recognized for supporting high-potential, female-led companies. Managing Director Sundeep Agrawal M.D. expressed enthusiasm for EBY's future, highlighting the company's blend of market potential and social mission. Other notable investors in this round include Azure Capital, Robert DiRomualdo (Ulta Beauty’s chairman of the board), Ken Goldman (former CFO at Yahoo), and Duncan Niederauer (former CEO of the New York Stock Exchange).
Renata Black credits the company's success to a deep understanding of consumer behavior, an insight she gained from her mentor, former Victoria’s Secret CEO Grace Nichols. Nichols’ advice on observing shopping habits and consumer needs has been pivotal in shaping EBY's product development and marketing strategies. This consumer-focused approach has enabled EBY to double its revenue between 2018 and 2019 and again after expanding to e-commerce in September 2020. The brand has accumulated over 10,000 five-star reviews in less than three years.
The recently secured funds will be directed towards several strategic initiatives for further growth and market penetration. These include reinforcing the company's staff members by hiring key positions like a Chief Operating Officer, increasing marketing efforts focusing on influencer-led campaigns, and continuing product innovation. Additionally, EBY plans to expand its e-commerce operations to international markets such as Canada and the UK.
The foundation of EBY is deeply rooted in social causes, particularly focused on women's empowerment. Co-founder Sofía Vergara has always integrated her business endeavors with her values. In addition to EBY, Vergara co-founded Latin World Entertainment, a talent management firm, and Raze, a digital media company with a Latino focus. She is also an active philanthropist, with initiatives like "Peace and Hope for the Children of Colombia," which supports underprivileged children in her home country.
