Three-month-old Australian shopping app Her Black Book has raised $1.6 million in an oversubscribed round.
The app, which was founded by Stylerunner founders and sisters Sali Sasi and Julie Stevanja, launched in November 2021 with the mission to revamp the retail promotion cycle and provide value and convenience to time-poor customers.
That mission has now been backed by high-profile businessman, investor and Tattarang CEO Andrew Hagger who led the equity round, alongside investment from Afterpay-backed Touch Ventures and individuals in the tech and fintech industries.
The round represents a 50% increase in valuation from the business' pre-launch capital raise.
Her Black Book co-founder Sali Sasi said the interest in Her Black Book was so strong, the pair had to turn down capital.
"We know first-hand how hard capital raises can be, so it’s refreshing to have such strong support so early, we had to be disciplined in saying ‘no’ to more capital at this stage.
"It's an exciting prospect for our business, but also another run on the board for female lead businesses, who are still so under-represented when it comes to funding, particularly at VC and PE level," she said.
Since launch in November, Her Black Book has welcomed more than 500 brands to its platform including Zimmermann, Alice McCall, Camilla & Marc, Net-A-Porter, The Iconic, Sephora, Bec & Bridge, Ksubi, Asos, Cosette, Calvin Klein, Saba, Stylerunner, Nike, Lululemon, Seed, Bonds, Estée Lauder, Adore Beauty, Clinique, Vida Glow, Endota Spa, JS Health, GHD, Adairs, Etihad and Hamilton Island.
Alongside its brand offers, Her Black Book also offers users a digital magazine which houses styling tips and content across the fashion, beauty, lifestyle and business categories.
"We have an exciting roadmap ahead of us and surrounding ourselves with great talent and backers has been a rewarding and validating step," Stevanja added.
To celebrate the sisters' success as well as female-founded businesses and entrepreneurs, the pair have partnered with Samsung Australia to collaborate on an International Women's Day event.
Her Black Book is a ‘freemium’ app that allows users to download and browse offers and promotions including cashback for
free, with the option to subscribe for 12-months, six-months or three-months for full access to flash sales listings and notifications from brands.
Speaking on his investment, Hagger praised the sisters on their work ethic.
"They are determined, passionate, and I admire their ‘never give up’ attitude.
"I’m equally thrilled to be a part of their journey and support in Her Black Book’s growth," he said.