Yorba Linda-based Gigi Hill Inc. closed a $3 million financing round led by Maveron LLC, a venture-capital firm that boasts Starbucks CEO Howard Schultz as one of its co-founders. The handbag firm plans to use the money to expand its executive team.
Started by CEO Gabrielle DeSantis-Cummings and Monica Hillman – two Southern California "soccer moms" – Gigi Hill produces fashionable, everyday handbags for on-the-go women and sells the products through home parties.
With this new funding, the company expects it will have the backing and entrepreneur experience needed to further propel the enterprise.
“We are delighted that Gigi Hill will have the benefit of Maveron’s deep experience establishing consumer businesses,” said DeSantis-Cummings. “We are blessed with a team of financial partners to help fuel our growth.”
In addition, Jason Stoffer and Clayton Lewis of Maveron will join the company’s board of directors.
“Gigi Hill is a company that intersects two very compelling markets – direct selling and handbags,” said Stoffer. “The company is building a community around the brand and fostering a strong relationship with its members.”
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