Bag Borrow or Steal grabs $8.25 million in VC

[Vlad]

http://blog.seattlepi.nwsource.com/venture/archives/101847.asp

Bag Borrow or Steal often gets compared to Netflix. And when you look at the business model you can see the similarities.
The difference is that Bag Borrow or Steal -- which moved its headquarters from Florida toSeattle last summer and today is announcing $8.25 million in venture capital financing -- is focused on renting high-end designer handbags. With the latest capital infusion from Madrona Venture Group and others, it plans to expand the concept of "luxury borrowing" to include watches and jewelry. A name change also might be in the works.

The site may not have many fans here, but apparently there is people who believe in this business model. Like the ones who provided over 8 mil in venture capital to BBoS. Props!

 

[jag]

Wow! That is impressive! Wish I had thought of it first!

 

[Megs]

What do we get???

Ha

 

[Loganz]

Holy cannoli - :weird:

Well, good for them. I wonder how many clients they have?

You can buy a lot of watches and jewelry for 8.5 million; although, I suspect that there will be bonuses and salary increases for all "key" personnel.

 

[addicted]

Wow - that's very impressive! Wish I had thought of this first too!

 

[heavensent]

Cool .........make that money ladies

 

[peacocky]

I've thought about making doing a similar idea, with my knowledge of bags, and my husbands knowledge of computers and website making, by offering only high end, bags and a larger variety.

 

[pursegalsf]

Wow!

 

[hatikuh]

WHOA!! That's pretty impressive! Everytime I see these new business models hit off I always wonder why didn't I think of that? Just like that one million dollar website! Crazy idea, but it works!

 

[kathyrose]

My friend thought of this before it came out. I just didn't want to put my bags out there for anyone to use so it was shot down. LOL. How ironic but no regrets.