Last updated on July 3rd, 2019 at 07:13 pm
Milwaukee-based startup Wantable Inc. has raised $813,979 in a Series C funding round from three existing shareholders.
The company began raising the fund on Nov. 28, according to a filing with the SEC Tuesday.
Wantable has raised more than $4 million from angel investors in three previous rounds, most recently through its $2 million Series B round in March.
The company, which delivers personalized makeup, accessories and women’s apparel to tens of thousands of customers through a subscription service, does not need the additional capital but it serves as a cushion while it continues its rapid growth, said Jalem Getz, president and chief executive officer.
“It’s to help with just the continued growth of the business,” Getz said. “Having more money, a strong cap table, just facilitates that. It was a relatively small round; the company is profitable.”
Wantable announced last week it plans to move from its Walker’s Point location in Milwaukee to the former Pick ‘n Save store building at 1818 W. National Ave. in the city’s Clarke Square neighborhood, its fourth headquarters location in its four years of existence.
Getz said Wantable has moderated the hiring plans it set in place with its Series B round in March, but it’s still on a good growth path. The company currently has 73 employees, and plans to reach 85 by March.
“Plans haven’t changed, it’s just kind of the guesses I was making or the forecasts I was making at the time,” he said. “About nine months ago, we thought that was going to be closer to 100. That’s not a result of slow growth—growth has been as good or better than I thought.”
While Wantable does not publicly disclose its profits or revenue, Getz said the company is still on track to have its first fully profitable year in 2016. And it expects to double its revenue in 2017.
Getz does not have any plans to raise a Series D round, he said. The company does not intend to seek venture capital funding, in order to maintain its independence.
Moving forward, Getz said he’s open to all the possibilities, including a sale. But for now, he’s focused on performance.
“I’m a firm believer in if you build a great company, hire great employees and just focus on what it is you do, then everything else just falls into place,” he said.