Second Avenue Capital Partners Provides $12 Million Revolving Credit Facility to Female-founded, Women’s Lifestyle Brand ThirdLove
BOSTON, Massachusetts – August 17, 2023 – Second Avenue Capital Partners (SACP), a Schottenstein affiliate, has closed on a new $12 Million revolving credit facility to ThirdLove, a female-founded, women’s lifestyle brand that offers elevated essentials including bras, underwear, activewear and more, all designed by women, for women. This strategic financing partnership between SACP and ThirdLove will empower the intimates brand to fuel its growth and further enhance its customer experience.
Since its founding in 2013, ThirdLove has redefined and helped shape a new approach in the intimates industry. It has garnered recognition for best-in-class product designs that cater to women of all shapes, offered in a wide range of sizes, including signature half-cup bra sizes. By leveraging inclusive marketing and extensive algorithm-based sizing technology that the Company developed, ThirdLove has earned a devoted following, becoming a go-to brand for millions of customers worldwide. ThirdLove is backed by consumer-brand focused firm L. Catterton and several prominent women angel investors including Katie Couric, and Susan and Anne Wojcicki.
Heidi Zak, Co-founder and CEO of ThirdLove, expressed her enthusiasm about the collaboration, stating, “This financing partnership with Second Avenue Capital Partners comes at an exciting juncture for ThirdLove. It enables us to accelerate our initiatives, from product innovation to enhancing our online shopping experience, while remaining true to our mission of helping our customers look and feel great, starting with their first layer. We are excited about our growth opportunities and are confident that this partnership will help us reach new milestones.”
Reaching beyond its digitally native roots, ThirdLove has embarked on an ambitious plan to establish a retail footprint, opening nine stores since early 2022. The $12 Million revolving credit facility from SACP will enable ThirdLove to expand its market reach and further invest in cutting-edge technology to deliver an exceptional online and offline shopping experience, solidifying its position as a leader in the intimate apparel industry.
“SACP is delighted to collaborate with ThirdLove and support their mission of helping women be their best selves,” said Mike Sullivan, Managing Director of Second Avenue Capital Partners. “Their commitment to inclusivity and customer satisfaction aligns perfectly with our values. As a financing partner, we are providing a top-notch management team with additional resources to propel their vision forward and take ThirdLove to even greater heights.”
About Second Avenue Capital Partners – Second Avenue Capital Partners, LLC (SACP), a Schottenstein Affiliate, specializes in asset-based loans for the broader retail and consumer products industry. Serving middle-market companies, SACP leverages the experience of retail operators, product merchants, and lenders to deliver customized capital solutions. A unique merchant perspective allows SACP to recognize and unlock value in assets other capital providers often overlook or do not understand. The firm’s tailored financial solutions are a vital resource for clients seeking capital to effectuate strategy and achieve financial objectives.
About ThirdLove – ThirdLove is a female-founded, women’s lifestyle brand that offers elevated essentials including bras, underwear, activewear and more, all designed by women, for women. Co-founders Heidi Zak and Ra’el Cohen set out to revolutionize the bra shopping experience and create a product that would help our customers look and feel great, comfortable and confident in everything they do. To date, over 20 million people have found their perfect fit with ThirdLove’s Fitting Room technology. ThirdLove bras have garnered over 100,000 5-star reviews and the brand’s best-seller, the 24/7® Classic T-Shirt Bra, features ThirdLove’s signature half-cups and memory foam lining. ThirdLove has donated more than $50 million worth of products to women in need, and supports early-stage companies run by female entrepreneurs of color through its TL Effect program. To learn more, visit www.thirdlove.com.