Lehman Brothers Invests In myShape. No Joke!
Just when you thought Lehman Brothers Holdings Inc. (OTC:LEHMQ) was completely demolished, news of their investment in myShape has entered the blogosphere. Lehman led the third round of funding into myShape. myShape is a website where women enter the exact measurements and then browse for clothing. Lehman contributed to the round of funding in August, but filed for bankruptcy in the middle of September.
The total amount of funding is expected to close at $16.5 million with contributions from Draper Fisher Jurvetson, Pasadena Angels, and Tech Coast Angels. myShape plans on applying the funding towards marketing and expansion. So far myShape has raised $12 million.
VentureBeat points out that competition of myShape includes Zafu Inc. and Intellifit Corp. Lehman is currently being investigated for $17 billion in cash and securities investment in JPMorgan Chase and the CEO, Richard Fuld was recently questioned in Congress. Fuld made $500 million from Lehman Brothers since 2000. Lehman liquidated their assets to Nomura Holdings and Barclays plc.
myShape was founded by Louise Wannier. She is currently serving as the CEO of the company as well. Louise has an impressive track record. She co-founded Gemstar U.S. and Europe, then took the company public with a market cap of $500 million. Louise attended school at UCLA, F.I.T. and Caltech.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry