LOS ANGELES, June 2, 2010 (GLOBE NEWSWIRE) -- ShoeDazzle.com, the personalized online shoe society, raised $13 million in its second round of venture financing, bringing the total raise to date to $20 million. Lightspeed Venture Partners, along with existing investor Polaris Venture Partners, led the round. The funds will be used to accelerate the company's already rapid growth and solidify its leadership position.
ShoeDazzle is the brainchild of Brian Lee, who also co-founded LegalZoom.com. So where did this serial entrepreneur turn to when he first incorporated ShoeDazzle.com, Inc? LegalZoom, of course!
"I know what LegalZoom can do, and I wouldn't go anywhere else for incorporation services," said Lee.
"I helped create LegalZoom because I saw a need for a fast and inexpensive way to set up a business," said Lee. "Most start-ups are bootstrapped with less than $50,000 of capital from the founder's personal savings. Smart business people focus their resources on developing their business, so spending 10-25% of your initial capital on legal fees just doesn't make sense."
Startups abound today. Businesses incorporate in order to protect the founder's personal assets, smooth the way for outside investors, and provide business flexibility.
"Using LegalZoom is a smart way to quickly get started, and they produce only the highest quality documents," said Lee.
In this latest fundraising round, ShoeDazzle was represented by the prestigious law firm Goodwin Procter LLP. "By this time, it made sense to use a full-service law firm, and I could afford it," added Lee. "They saw nothing wrong with the original LegalZoom incorporation papers."
Indeed, ShoeDazzle and LegalZoom share other things. Consumers have easy internet access to both sites, where a questionnaire helps identify needs and preferences. At ShoeDazzle, the results generate individually-tailored fashion suggestions to the individual consumer, which are formulated by a stable of nationally-known stylists. Likewise, the LegalZoom consumer is empowered to create his or her own legal solutions to business needs, particularly for startups, by filling out questionnaires created by some of America's top lawyers.
How does this entrepreneur compare his two creations? LegalZoom has a distinguished track record, hundreds of employees, and recently opened a satellite headquarters in Texas; it's the mature adult. ShoeDazzle, which helps women express their individuality and sense of style with expert guidance, is more of the precocious child, just barely into its second year.
"Each has its attractions," said Lee, of Los Angeles. "I feel fortunate to have had the opportunity to help bring so much value to so many people, and to be able to do it on my own terms."