DNVB Retail Disruptors – September 2016

1. CONFIDENTIAL
ComCap, LLC
STRICTLY PRIVATE & CONFIDENTIAL
ComCap, LLC
CONFIDENTIAL
Digital Native Vertical Brands – Retail Disruptors
September 2016

2. CONFIDENTIAL
ComCap, LLC 2
Index
DNVB sector overview1
Profiles of selected DNVBs2
ComCap overview materials3

3. CONFIDENTIAL
DNVB sector overview
3

4. CONFIDENTIAL
ComCap, LLC 4
Emergence of
DNVBs
 First defined in a blog post by Andy Dunn, digitally native vertical brands
(DNVBs) have emerged in the past years, combining the growth of being an
e-commerce company with the margins of a brand
Executive Summary
 Decreased foot traffic: on average, traffic to physical stores has declined
about 9.8%, while sales have fallen off by 7.6% (2)
 Commerce as a % of overall shopping: online is increasing vs. in-store
 Growth of digital commerce still high for markets with high volume of
business transacted online
Decreasing
popularity of the
mall and growth in
eCommerce
fueling DNVB
growth
 44 venture-backed fashion startups have raised over $1.5bn across more
than 130 deals (3)
DNVB funding in
fashion sector
The first
generation of
digital natives
driving demand
for DNVBs
 The concentration of digital natives (young customers between the ages of
15-24 who have been using the internet for at least five years) has reached
double digits in developed countries, including 13% in the US (1)
 These shoppers have become accustomed to online shopping and mobile
phones, making them active consumers for DNVBs
1
2
3
 A new wave of startup fashion and apparel companies are hoping to create
new lifestyle brands by leveraging technology and data to manage supply
chains and inventory, or better inform product line decisions
Emergence of
Apparel DNVBs
4
5
Sources: (1) International Telecommunication Union
(2) RetailNext
(3) Pitchbook

5. CONFIDENTIAL
ComCap, LLC
DNVBs
5
 DNVBs need to rely upon email marketing campaigns and social
media marketing to continue to build their direct mail channels
− Internet usage has increased significantly in the developing world during
the past five years – the ITU believes the digital native population in
these regions will more than double by 2017
Executive Summary – How to Leverage this Trend
 Retailers can adapt through omni-channel strategies to drive sales as
malls become less popular
 Store closures taking place in malls across the country are decreasing
retailers’ presence in front of customers
 Email marketing campaigns keeps brands top of mind with consumers
Retailers
Investors
 Investors can capture higher margin businesses by investing in
DNVBs which avoid the retail stores’ high fixed rent costs
 Real Estate investments surrounding retail malls are defaulting on
debt payments
 Investments in clothing companies that are converting to omni-
channel models are also a secondary option
A
B
C

6. CONFIDENTIAL
ComCap, LLC
A digitally-native vertical brand meets four criteria:
1. It’s primary means of interacting, transacting, and story-telling to consumers is via the web.
In almost all cases the brand is born digitally. Hence the term digitally-native.
2. It’s a brand, and that brand is vertical. The name of the brand is on both the physical product
and on the website. It requires the commercialization of an e-commerce channel, but that channel
is an enablement layer, it’s not the core asset.
3. The DNVB is usually maniacally focused on customer experience and on customer intimacy.
The experience tends to be three-part bundle of physical product, web/mobile experience, and
customer service that collectively become the brand in the consumer’s imagination.
4. While born digitally, the brand rarely ends up digital only. This means the brand can extend
offline, eventually. Usually its offline incarnation is through its own experiential physical retail or
highly selective partnerships. In nearly all cases of partnerships, the brand controls its external
distribution versus being controlled by it.
6
What is a digitally native vertical brand (DNVB), as
defined by Andy Dunn, CEO of Bonobos?
Source: Andy Dunn, CEO of Bonobos; www.bonobos.com
1
ComCap, LLC
CONFIDENTIAL

7. CONFIDENTIAL
ComCap, LLC 7
Andy Dunn’s Perspective on DNVB’s & eCommerce Investing
“I had to advocate that [DNVBs] are different. I had to
make it more clear that the e-commerce startups are
selling other people's brands.”
“Creating a DNVB gives you an opportunity to
combine the growth of being an e-commerce company
with the margins of being a brand and with a
proprietary selection of merchandise where you
control distribution and your own destiny.”
“I think there’s a lot more work that we have to do. I
hope that the investing community figures out how to
approach it, because I think right now it’s stuck
between technology investors on the one hand who
are dabbling in retail and consumer retail private
equity investors who are used to bricks-and-mortar
being the essential way that brands grow versus e-
commerce.”
–Andy Dunn,
CEO of Bonobos
1
Tech Investors Retail Investors

8. CONFIDENTIAL
ComCap, LLC 8
Digital natives make up 13.1% of the population in the US
Note: Digital native defined as someone who is 15-24 years old and has been using the internet for at least five years
Source: International Telecommunication Union
Digital Natives as a percentage of total population
2
 Overall, there are approximately 363 million digital natives out of a world population of nearly 7
billion (5.2%)
 Internet usage has increased significantly in the developing world during the past five years
 The ITU believes the digital native population in these regions will more than double by 2017

9. CONFIDENTIAL
ComCap, LLC 9
Decreasing popularity of the mall and increasing apparel
commerce online fueling DNVB growth
 Decreased foot traffic: On average, traffic to physical stores has declined about
9.8%, while sales have fallen off by 7.6% (1)
 Commerce as a percentage of overall shopping: Apparel eCommerce increasing
from 17% online to 17.5% online by 2018
$45
$52
$60
$68
$77
$86
17.0%
17.1%
17.2%
17.3%
17.4%
17.5%
16.0%
16.5%
17.0%
17.5%
18.0%
18.5%
19.0%
19.5%
20.0%
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
2013 2014 2015 2016 2017 2018
Apparel eCommerce Sales % of Total Retail
Source: (1) RetailNext, eMarketer
$1,321
$826
$158
$403 $395
$47 $83
$367
$202
$1,507
85%
32%
30% 29% 29% 28%
26% 25%
21% 21%20%
30%
40%
50%
60%
70%
80%
90%
100%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
eCommerceas%ofTotalRev
eCommerceSales
eCommerce Sales eCommerce - % of Total Revenue
US Apparel & Accessories Retail eCommerce Sales eCommerce Sales & % eCommerce as % of Total Rev
Avg:
33%
3
$B eCommerce as
% of Overall

10. CONFIDENTIAL
ComCap, LLC 10
Gap’s Success of Higher Growth and Margins Online
 August 2010 – Launching Country-Specific eCommerce Sites
− Gap is betting heavily on e-commerce beyond its U.S. home base. It officially
launched its Canadian e-tailing sites for its three main chains and earlier this month
it rolled out its sites in the U.K. and will do so in China later this year. By the end of
2010, it will offer shipping to 65 countries.
 “We are a big growth engine for the company,” said Toby Lenk, president of
Gap’s online division. “We’re the little engine that could.”
 Revenue by Segment – Growth in Direct (Online) Segment
− As Gap closes locations due to stagnancy in its store sales, its online segment
continues to post double digit growth, with operating margins double those of in-
store sales
Source: RetailNext, eMarketer
3
Financial Data
Sales ($MM) Sales Growth % Operating Margin (%)
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
Gap.com - Direct 1,030$ 1,118$ 1,299$ 1,560$ 1,927$ 14% 9% 16% 20% 24% 20% 23% 23% 22% 23%
Gap.com 333 324 365 433 537 8% -3% 13% 19% 24%
Banana Republic 145 134 155 188 247 7% -8% 16% 21% 31%
Old Navy 475 473 533 638 748 11% 0% 13% 20% 17%
Other 77 187 246 301 395 148% 143% 32% 22% 31%
Stores 13,496$ 13,079$ 13,365$ 12,989$ 13,724$ -9% -3% 2% -3% 6% 10% 12% 12% 8% 11%
Direct as % of Total 7% 8% 9% 11% 12% 14% 14% 15% 24% 22%

11. CONFIDENTIAL
ComCap, LLC 11
Growth of digital commerce still high for markets with high
volume of business transacted online
5%
5%
6%
8%
9%
11%
12%
14%
15%
16%
19%
20%
23%
25%
29%
32%
42%
44%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Computers, Peripherals & PDAs
Digital Content & Subscriptions
Office Supplies
Consumer Packaged Goods
Consumer Electronics
Books & Magazines
Computer Software
Total Digital Commerce
Furniture, Appliances, Equipment
Home & Garden
Apparel & accessories
Jewelry & watches
Flowers, greeting & misc. gifts
Music, movies & videos
Event tickets
Sport & fitness
Toys & hobbies
Video Games, consoles, accessories
Growth in online retail sales in 2015
3
Source: comScore
 Total Digital Commerce achieved its highest % share of consumer discretionary
spending ever in Q1 2016, at 16.5%, while mobile continues to grow its share of digital
at 18.6%
 Mobile commerce growth is driving gains in the top growing product categories

12. CONFIDENTIAL
ComCap, LLC 12
The Closet is Being Taken Over by DNVBs
 A new wave of startup fashion and apparel companies are hoping to create new lifestyle brands by leveraging
technology and data to manage supply chains and inventory, or even inform product line decisions
 These aren’t necessarily online-only outfits: several brands sell their products on the web and in brick-and-mortar
locations
Venture-backed fashion brands
Source: CB Insights
4

13. CONFIDENTIAL
ComCap, LLC 13
Amazon
benefits from
growing web
fashion sales
 Amazon’s move into apparel and accessories sales is being
fueled by the increasing willingness on the part of consumers to
buy fashion online
− Web fashion sales rose 48% from January to April 2015
compared to the same period in 2014
 Analysts expect Amazon to surpass Macy’s as the number one
US apparel retailer by 2017
Amazon benefits from growing web fashion sales, but
suffers from cannibalizing sales in its marketplace
 Amazon’s move into web fashion sales also appears to be
cannibalizing its marketplace, which is believed to be more
profitable:
− While Amazon’s direct fashion sales rose to to 13.5% of dollar
share in 2016 from 10.3% in 2014, its marketplace’s dollar
share decreased to 21.5% from 26.3%
 As Amazon’s own fashion sales rise, its marketplace sellers
may continue to fare less well with the increased competition
found on the same site
− This could be a problem for Amazon, considering that some
40% of its sales come from its marketplace
Increasing web
fashion sales
appear to be
cannibalizing its
more profitable
marketplace
4
Source: 1010data, Cowen&Co

14. CONFIDENTIAL
ComCap, LLC 14
Selected DNVBs by headquarter location4

15. CONFIDENTIAL
ComCap, LLC
AmountRaised
Seed
$400m
$100m
$50m
$10m
$200m
Children's
Clothing
Clothing Eyewear Luggage Outdoor Gear Shoes
Funding
Information N/A
44 venture-backed fashion startups have raised over $1.5bn
across more than 130 deals
5
15

16. CONFIDENTIAL
ComCap, LLC
AmountRaised
Seed
$400m
$100m
$50m
$10m
$200m
Bags Beauty
Products
Beds Beer Bicycles Coffee Food Furniture Housewares Mobile
Phones
Perfumes Platform Shaving Various
Shopping
Watches
Funding
Information N/A
DNVB Landscape (Cont’d)5
16

17. CONFIDENTIAL
ComCap, LLC
AmountRaised
Seed
$400m
$100m
$50m
$10m
$200m
Men's
Apparel
Women's
Apparel
Children Hobbies Beauty &
Personal
Care
Feminine
Care
Pet
Items
Outdoor
Activities
Dating
Funding
Information N/A
Subscription eCommerce Landscape
17

18. CONFIDENTIAL
ComCap, LLC
Valuation – Public and Private Revenue Multiples5
18
Public Revenue Multiples Private Revenue Multiples
3.4x 3.2x 3.1x 3.1x
1.2x 1.0x
10.5x
4.5x
3.5x
34.3x
14.1x
0.3x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
4.8x
4.1x
3.6x
2.6x
1.7x 1.7x
1.5x
1.3x
0.8x 0.8x
0.4x
0.2x 0.2x 0.1x 0.1x
2.0x
1.1x
0.8x
0.6x 0.6x
0.4x 0.4x 0.3x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
STMP
EBAY
SSTK
AMZN
SFLY
ANGI
PETS
SALE
NILE
GRPN
PRTS
CNXN
OSTK
PCMI
PRSS
LB
URBN
AEO
GPS
JCP
EXPR
GES
ANF
 Revenue multiples for public companies of scale are below the higher growth multiples of 3-10x for emerging
DNVBs
 Since these public companies have already achieved scale and market saturation, limited growth prospects results
in multiples around 1x revenue
Source: CapitalIQ as of 9/9/2016, Pitchbook.
Clothing BrandsUS Online Retailers

19. CONFIDENTIAL
ComCap, LLC
Case Studies5
19
Nordstrom’s Investment in Bonobos
Neiman’s Acquisition of Mytheresa
Net-a-Porter Merged with Yoox
 April 2012: Announced that Nordstrom will sell Bonobos clothing at select Nordstrom full-line stores and on Nordstrom.com.
− Nordstrom led a $16.4 million minority investment round with full participation from insiders
 July 2014: Raised $55 million in fresh capital — including money from Coppel Capital, Mousse Partners and Nordstrom – to
expand the brand in the physical retail world
 “Bonobos' wholesale channel through Nordstrom is profitable, the catalog business is profitable and the guide shops are
profitable.” – Pando, July 6, 2014
 September 2014: Acquired on-line luxury shopping business Mytheresa. The company is headquartered in Munich, Germany
where the flagship store is also located. The fashion site is quite successful in Germany, has good acceptance in the rest of
Europe, and is gaining traction in Asia.
 Mytheresa.com generates estimated net sales of 100 Million Euro (about $130 Million). The company delivers exclusively designed
fashion merchandise to 120 countries worldwide.
 “Neiman Marcus Group Ltd. swung to a profit in the January quarter, as the retailer reported revenue growth boosted by
its acquisition of a German luxury retailer.” – Wall Street Journal, March 10, 2015
 March 2015: YOOX S.p.A., Global Internet retailing partner for leading fashion brands, entered into an agreement with the
controlling shareholder of The Net-A-Porter Group Limited, the world’s premier online luxury fashion retailer, on the terms of an all-
share merger. The transaction created the YOOX Net-A-Porter Group, the independent leading online luxury fashion retailer
worldwide.
 Combined 2014 net revenues of €1.3 billion, and Adjusted EBITDA of approximately €108 million.
 “Yesterday (July 6) Yoox Net-a-Porter announced a growth plan (pdf) through 2020 that predicts 17% to 20% revenue
growth each year. It’s an ambitious goal, even after a strong 2015 that saw revenue jump 31% to €1.7 billion (about $1.9
billion). – Quartz, July 7, 2016

20. CONFIDENTIAL
ComCap, LLC
Case Studies – Largest DNVBs5
20
Vertical
Milestones
Strategy
CEO
Commentary
Clothing Baby Products Clothing Eyewear
• Funds raised:
$335m
• Last Financing
Round
Valuation:
$1,054m
• Funds raised:
$222m
• Announced the
hiring of its
250th employee
• Funds raised:
$128m
• Last Financing
Round
Valuation:
$300m
• Funds raised:
$196m
• Reaches over
35m members
worldwide
through its
portfolio of
lifestyle fashion
brands.
• Business strategy
of creating good
products that
won’t hurt the
baby
• Established 20
ecommerce
stores known as
Guideshops -
plans to open
more in 2016.
• Innovations like
home try-on
• The company is
now expanding to
brick-and-mortar
stores
• “Because we
have always
been very
metrics-driven,
we have been
able to learn
quickly and
adapt our
business.”
• “With a dream
to create the
ultimate family
brand.”
• “A great brand
starts with a
hero product.”
• "We’re often
asked why
Warby has been
successful. If we
sum it up in one
word, it’s
deliberate. We
just want to
make sure we’re
not making
mistakes."

21. CONFIDENTIAL
ComCap, LLC
Solutions • The solutions include Genome
platform with Confidence
Engine, Discovery Engine,
True Omni and True Insight
• Provide a recommendation
regarding which size of the
item which will fit the customer
best
• It is the basic building
block of the fit
recommendation suite of
products and services
• Product features include
shopper data entry, fit
algorithm and fit
recommendation
• The solution offers
virtual mannequin based
on various body types to
which users can further
adjust each specific
measurement according
to their body
• Managed infrastructure &
hosting, cloud services,
needs assessment, field
support, help desk, disaster
recovery, unified
communications services,
and IT project consulting.
Advantage • Analyses & processes apparel
and footwear consumer data
for retail & brand partners
• It processes consumer
data in an effort to stem
the tide of returns-based
losses
• The main aim is solving
size and fit issues for
online shoppers.
• It reduces the number of fit-
based returns
Overview
and
Technology
• A footwear and apparel’s
discovery platform
• Adding about 150-200,000
users per week
• Has over 100 attributes per
style
• Has offices in Boston, London,
Los Angeles and Munich
• Develops software
solutions that enable
retailers and brands to
understand their
customers in terms of fit
and preference
• Based on garment
technology, fit
engineering and retail
intelligence
• A technology solution
which is a virtual fitting
room.
• The technology enables
online shoppers to
virtually ‘try before they
buy’, providing an online
shopping experience
which is very similar to
the offline model.
• Leverages new data science
that aggregates consumer
information regarding size &
fit and applies that
information to potential
purchases with the intention
of matching customers with
items that will best suit them
Industry • Apparel and Footwear • Apparel • Apparel • Apparel and Footwear
Customers • Nordstorm, Macy’s, Hudson’s
Bay, Levis, Adidas, House of
Fraser, ALDO, BELK,
Designer Shoe Warehouse,
Kate Spade, New York &
Company, Guess, Sperry,
Garnet Hill, American Eagle
• Henri Llyod, Thomas
Pink, Wiggle, Twin-set,
PINK, TM-Jewin, QVC,
Pretty Green, M&Co.,
Hawes & Curtis
• na • OakLabs, WithMeStore
21
Fit Technologies Enabling More Apparel Shopping Online5

22. CONFIDENTIAL
ComCap, LLC
Key Facts • The company has raised
$57.4m to date
• True Fit has organized and
connected the unique
relationships between millions
of styles from 10,000 brands
to the fit and style preferences
of over 100 million consumers.
• True Fit’s registered user base
also continues to grow,
already exceeding 20 million
and adding 1.5 million new
users each month from its
expanded presence on 300
million monthly page views
across its network.
• The Discovery Engine
compares fit data sourced
from 1,500 brands and
retailers and anonymized
transaction data to determine
what clothing and shoe
shoppers actually keep and
return after buying.
• The company has raised
$16.2m by 2014
• In July 2015, the
company was acquired
by Rakuten
• It has over 25m unique
shopper profiles, over
250K garments
photographed, over 100k
man-hours has been
spent and over 35K
garments have been
tested on the people
• The standard entry price
for a Fits Me system is
about €1,500/$1,650 U.S.
monthly
• In 2013, the company
was acquired by Myntra.
The acquisition was part
cash, part stock.
• The acquisition will
strengthen and expand
Myntra’s technology
platform and drive
transformational change
in the online shopping
space in India
• Key partners include: Cisco,
Meraki, Microsoft, Lenovo,
AT&T Partner Exchange,
Vmware Partner, Airwatch,
N.able, AT&T, Mozy,
GoDaddy, Polycom, Citrix,
HP, McAfee, IBM, Business
Class, EMC2, APC, DELL,
Metalogix, Carbonite,
Adobe, Symantec, Silver
Peak
22
Fit Technologies Enabling More Apparel Shopping Online5

23. CONFIDENTIAL
ComCap, LLC
Private Placements5
23
All Transactions
Announced
Date
Target/Issuer Total Transaction
Value ($m)
Buyers/Investors
07-05-2016 American Giant, Inc. 6.0 -
06-23-2016 Outdoor Voices, Inc. 13.0 General Catalyst Partners; Collaborative Fund; Forerunner Ventures; 14W
06-17-2016 AYR, Inc. 6.23 -
06-15-2016 ROKA Sports, Inc. 12.55 -
05-11-2016 Koio Collective, LLC 1.31 Brand Foundry Ventures
05-10-2016 Moment, Inc. 3.0 Maveron LLC; Lux Capital Management; Founder's Co-op
04-18-2016 Stance, Inc. 30.0 August Capital; Kleiner Perkins Caufield & Byers; Menlo Ventures; Shasta Ventures; Mercato
Partners; Sherpa Ventures
04-07-2016 Eloquii Design, Inc. 15.0 Greycroft Partners LLC; Blue Sky Private Equity Ltd.; Acton Capital Partners GmbH; Daher Capital;
Wildcat Capital Management; Female Founders Fund
03-29-2016 Raden Inc. 3.5 Pritzker Group; First Round Capital; Lerer Hippeau Ventures
03-18-2016 Greycork, Inc. 1.0 ff Venture Capital
03-11-2016 AYR Inc. - -
03-09-2016 Indochino Apparel, Inc. 31.7 Dayang Group Co., Ltd.
02-22-2016 Hungryroot, Inc. 5.78 CrossLink Capital, Inc.; Lightspeed Venture Partners; KarpReilly LLC; Lerer Hippeau Ventures;
Great Oaks Venture Capital LLC
01-20-2016 Mizzen and Main LLC 3.0 VTF Capital
12-31-2015 Raden Inc. - Basset Investment Group LLC
12-07-2015 Shoes of Prey Pty Ltd. 15.54 Nordstrom Inc. (NYSE:JWN); Greycroft Partners LLC; Khosla Ventures; Blue Sky Private Equity
Ltd.
11-30-2015 Horsefeather Labs, Inc. 2.1 Harrison Metal Capital; Grace Beauty Capital; Endurance Companies, LLC
11-05-2015 ROKA Sports, Inc. 3.0 -
10-19-2015 RCW, Inc. 18.0 Accel Partners; General Catalyst Partners; Breakaw ay Innovation Group; Forerunner Ventures
10-02-2015 Quip, Inc. 30.0 Benchmark; Greylock Partners
09-29-2015 Outdoor Voices, Inc. 7.2 General Catalyst Partners; Atelier de Production et de Création SAS; Collaborative Fund;
Forerunner Ventures; 14W
08-18-2015 Tracksmith Corporation 4.1 Pentland Group plc
08-17-2015 AWAY 2.5 Accel Partners; Comcast Ventures; Forerunner Ventures
08-07-2015 JRSK Inc. 2.5 -
07-24-2015 Dakorum, LLC 0.455 -
07-22-2015 Creery Custom, Inc. - Ledbury Inc.
07-20-2015 Brosa Design Pty Ltd 1.48 AirTree Ventures Pty Limited
06-29-2015 Eloquii Design, Inc. 2.25 -

24. CONFIDENTIAL
ComCap, LLC
Private Placements (Cont’d)5
24
All Transactions
Announced
Date
Target/Issuer Total Transaction
Value ($m)
Buyers/Investors
07-20-2015 Brosa Design Pty Ltd 1.48 AirTree Ventures Pty Limited
06-29-2015 Eloquii Design, Inc. 2.25 -
05-27-2015 Brilliant Bicycle
Company
1.5 RREVentures LLC; Great Oaks Venture Capital LLC; Brand Foundry Ventures; Aspiration Grow th
05-04-2015 Cotopaxi Limited 27.4 Beijing Orient National Communication Science & Technology Co., Ltd. (SZSE:300166)
04-23-2015 JAND, Inc. 100.0 General Catalyst Partners; Wellington Management Group LLP; T. Row e Price New Horizons Fund,
Inc. (MutualFund:PRNH.X); T. Row e Price Associates, Inc.; Tiger Global Management LLC
04-23-2015 Hungryroot, Inc. 2.0 CrossLink Capital, Inc.; KarpReilly LLC; Lerer Hippeau Ventures; Brooklyn Bridge Ventures; MESA
Ventures
03-05-2015 Stance, Inc. 61.29 August Capital; Kleiner Perkins Caufield & Byers; Menlo Ventures; Shasta Ventures; Mercato
Partners; Sherpa Ventures
02-27-2015 Dakorum, LLC 0.48 -
02-24-2015 MACK WELDON, Inc. 4.0 RiverPark Capital Management, LLC; Lyrical Partners L.P.; Bridge Investments LLC
02-23-2015 Global Uprising PBC,
Corporation
6.5 New Enterprise Associates; Greycroft Partners LLC; Lerer Hippeau Ventures; Forerunner
Ventures
02-05-2015 Global Uprising PBC,
Corporation
- Metamorphic Ventures
02-04-2015 BucketFeet, Inc. 7.5 JumpStart, Inc., Investment Arm
01-30-2015 Outdoor Voices, Inc. 2.23 General Catalyst Partners; Burch Creative Capital; Sw eetgreen, Inc.; Collaborative Fund; Red Sea
Ventures
01-27-2015 Tomboy Exchange, Inc. 0.02 MergeLane LLC
01-26-2015 Project Healthy Living,
Inc.
- Corigin Private Equity Group

25. CONFIDENTIAL
ComCap, LLC
DNVB – Profiles5
25
Company Name
Last Financing
Date
Category
Last Financing
Size
Total Raised Active Investors
Whipping Post Bags
Glossier 22-Oct-2015 Beauty Products 6.00$ 16.4$ 14W, Andrew Dunn, David Tisch, Forerunner Ventures, Jay Brown, Lerer Hippeau Ventures, Manzanita Capital, Thrive Capital, TOMS Capital, WME Capital
Julep Beauty 13-Nov-2015 Beauty Products 7.01$ 69.1$ AFSquare, Alliance of Angels, Altimeter Capital Management, Andreessen Horowitz, Azure Capital Partners, CAA Ventures, David Stern, FUEL Capital,
Gregg Bennett, Individual Investor, Jeannie Beckett, Jeff Kearl, Jim Pallotta, John Pedlow, Keith Kegley, Madrona Venture Group, Mark Sugarman, Matt
Humphrey, Maveron, MHS Capital, Precedent Investments, Raptor Group, Shawn Carter (Jay-Z), Troy Carter, Version One Ventures, Western Technology
Investment, Will Smith
Kopari Beauty Beauty Products
Casper 27-Sep-2011 Beds Dave Morin, Frontier (aviation), Lee Linden, NBI Investors, Xegasus Aviation Investments
Smart Bedding Beds
Tuft & Needle Beds
Noble Brewer Beer
Brilliant Bicycle 27-May-2015 Bicycles 1.50$ 1.5$
Karma Cycles 27-May-2015 Bicycles 1.50$ 1.5$ Andrew Dunn, Aspiration Growth, Bonobos, Brand Foundry Ventures, Bryan Wolff, Chad Byers, Great Oaks Venture Capital, Matt Salzberg, Rameet Chawla,
RRE Ventures, TJNS Capital
Sole Bicycles Bicycles
Pact Coffee 18-Mar-2016 Coffee 0.27$ 4.0$ Connect Ventures, English Business Angels, Ian Hogarth, Ian West, MMC Ventures, Robin Klein, Rowan Gormley, Taavet Hinrikus
ALOHA 13-Nov-2014 Food 4.3$ Andrew Wang, Anthony Saleh, Aydin Senkut, Bobby Goodlatte, BoxGroup, BrandProject, Brendan Wallace, Cherry Ventures, Consigliere Brand Capital,
Constantin Bisanz, Corigin Ventures, David Gilboa, David Tisch, Emil Capital Partners, Felicis Ventures, First Round Capital, Forerunner Ventures, Founders
Fund, Great Oaks Venture Capital, Highland Capital Partners, Jeff Cantalupo, Khosla Ventures, Konstantin Othmer, Maurice Werdegar, Maywic Select
Investments, New Ground Ventures, Otter Rock Capital, Pankaj Shah, Robert Wuttke, Shasta Ventures, Shervin Pishevar, Sumit Gupta, Surender Punia,
Thomas Lehrman, Western Technology Investment, William Tai, Winklevoss Capital Management
Food52 30-Sep-2014 Food 6.00$ 9.0$ 14W, Bertelsmann Digital Media Investments, Dave Lerner, Gary Vaynerchuk, Haystack Partners, Individual Investor, Joanne Wilson, Lerer Hippeau Ventures,
Panarea Capital, Scripps Networks Interactive, Vayner/RSE, Vikas Taneja, Vocap Investment Partners, Walden Venture Capital, Zelkova Ventures
Hungryroot 08-Mar-2016 Food 5.78$ 7.9$ Brooklyn Bridge Ventures, Crosslink Capital, Great Oaks Venture Capital, John Rigos, KarpReilly, Lerer Hippeau Ventures, Lightspeed Venture Partners,
Zelkova Ventures
Brosa Design 21-Jul-2015 Furniture 2.00$ 2.0$ AirTree Ventures
Greycork 01-Apr-2016 Furniture 0.71$ 1.0$ CoVenture, ff Venture Capital, Foley Ventures, Vocap Investment Partners
Interior Define 08-Sep-2014 Furniture 1.00$ 3.2$ Andrew Dunn, Ben Lin, Benjamin Boyer, Brendan Wallace, Darren Bechtel, Great Oaks Venture Capital, Groupon, Jeff Cantalupo, Matt Wilsey, Otter Rock
Capital, Peterson Partners, South Park Ventures
Snowe Housewares
Dakorum 04-Mar-2016 Housewares 1.26$ 1.3$ MI Ventures, Paul Sethi
Parachute Home 22-May-2015 Housewares 5.45$ 5.5$ Anthony Saleh, Brad Zions, Daher Capital, Joanne Wilson, Launchpad LA, Mesa Ventures, QueensBridge Venture Partners, Structure Fund, Suffolk Equity
Partners, Upfront Ventures
Moment 11-May-2016 Mobile Phones 3.00$ 6.8$ Andrew Dunn, Founder's Co-Op, Foundry Group, Galvanize, Jason Seats, Jeremy Andrus, Kickstarter, Lux Capital, Maveron, Michael Schutzler, Morris
Wheeler, Richard Tait, Robert Kunz, Saad AlSogair, Steve Singh, Vayner/RSE, Walter Danco
Horsefeather Labs 01-May-2015 Perfumes 2.10$ 5.1$ Andrew Rachleff, Grace Beauty Capital, Harrison Metal Capital, Mark Leslie, Zig Capital
Pinrose Perfumes
Quip 15-Oct-2015 Platform 30.00$ 45.0$ Benchmark Capital, Greylock Partners, Marc Benioff, Yuri Milner
Tortuga 10-Apr-2015 Platform 0.10$ 0.1$ Seed Hatchery
Bevel Shaving na
Dollar Shave Club 19-Nov-2015 Shaving 90.73$ 164.7$ Andreessen Horowitz, Andrew Crichton, Ascend Venture Group, Battery Ventures, Brendan Wallace, Comcast Ventures, Cowboy Ventures, Dragoneer
Investment Group, Felicis Ventures, Forerunner Ventures, Kleiner Perkins Caufield & Byers, Matthew McCall, Michael Jones, Otter Rock Capital, Peter Liu,
Pritzker Group Venture Capital, Rustic Canyon Partners, Saad AlSogair, Science Media, Shasta Ventures, Shea Ventures, Simon Nixon, Technology
Crossover Ventures, Venrock, Vision Ventures, White Star Capital
Harry's Razor Company 07-Jul-2015 Shaving 75.60$ 285.4$ BoxGroup, Consigliere Brand Capital, David Gilboa, Grace Beauty Capital, Harrison Metal Capital, Highland Capital Partners, Joshua Stylman, Kal Vepuri,
Lakestar, Red Swan Ventures, SV Angel, Thrive Capital, Tiger Global Management, Wellington Management, Zig Capital
Tomboy Exchange 22-Apr-2016 Various Shopping 1.00$ 1.1$ Drummond Road Capital, Geoff Harris
MVMT Watches Watches

26. CONFIDENTIAL
ComCap, LLC
DNVB – Profiles (Cont’d)5
26
Company Name
Last Financing
Date
Category
Last Financing
Size
Total Raised Active Investors
Monica & Andy 24-Jul-2015 Children's Clothing 1.90$ 2.8$ Andrew Dunn, Babak Yazdani, Brendan Wallace, Corazon Capital, Cota Capital, Ian Fisher, MI Ventures, Otter Rock Capital, Sapna Shah, Signatures Capital
Tea Collection 05-Mar-2008 Children's Clothing 0.99$ 3.1$ Bay Investment Partners, The Angels' Forum, The Halo Fund
BlackMilk Clothing na
Combatant Gentleman 19-Jun-2013 Clothing 1.84$ 1.8$ Blazer Ventures, Brian Spaly, Greycroft Partners, Maveron, MHS Capital, Naxuri Capital, Point Nine Capital and VTF Capital
Cotopaxi 24-Mar-2015 Clothing 6.50$ 9.5$ Brand Foundry Ventures, Forerunner Ventures, Greycroft Partners, Kickstart Seed Fund, Lerer Hippeau Ventures, New Enterprise Associates, Peterson
Ventures, Sherpa Capital, Tekton Ventures
Everlane 23-Dec-2013 Clothing 3.13$ 9.0$ Acequia Capital, Adrian Aoun, Benjamin Ling, Betaworks, Brian Sugar, Craig Sherman, Dave Morin, Fritz Lanman, Hironori Maeda, Individual Investor, Karl
Jacob, Keith Rabois, Kevin Colleran, Kleiner Perkins Caufield & Byers, Lerer Hippeau Ventures, Matt Humphrey, Maveron, Nils Johnson, SV Angel, Vivi Nevo
Adore Me 22-Jan-2013 Clothing 8.49$ 11.5$ Christian Edler, Cyril Vermeulen, Dave Lerner, FJ Labs, Jaina Capital, Mousse Partners, Paul Scheuschner, Redhills Ventures, SOSV, TA Ventures, Teodoro
D'Ambrosio, Upfront Ventures, Ventech, White Star Capital
All Year Round 16-Mar-2016 Clothing
American Giant 13-May-2015 Clothing 4.21$ 12.2$
AYR Clothing na
Bonobos 03-Jul-2014 Clothing 55.00$ 127.8$ Accel Partners, Andrew Boszhardt, Babak Yazdani, Brendan Wallace, Bryan Wolff, Coppel Capital, Cota Capital, Felicis Ventures, Forerunner Ventures,
Glynn Capital Management, Great Oaks Venture Capital, Haystack Partners, Individual Investor, Jeff Fluhr, Jeff Heitzman, Lightspeed Venture Partners,
Mousse Partners, Nordstrom, Otter Rock Capital, Peter Lehrman, Peterson Partners, Pinnacle Ventures, Sandbridge Capital, Sandwith Ventures, Sandy
Cass, Sherry Coutu, Signatures Capital, Stage One Capital, Western Technology Investment
Chubbies 02-Feb-2016 Clothing 9.00$ 14.1$ Benjamin Lerer, Blair Lambert, Bob Hall, Brian Spaly, Burch Creative Capital, IDG Ventures USA, J. Christopher Burch, Lerer Hippeau Ventures, Peter
Livingston, Rothenberg Ventures
Cuyana 02-Oct-2014 Clothing 7.20$ 10.8$ Canaan Partners
Eloquii Design 07-Apr-2016 Clothing 15.00$ 27.2$ 500 Startups, Acton Capital Partners, Basset Investment Group, Blue Sky Alternative Investments, Daher Capital, Female Founders Fund, Grace Beauty
Capital, Greycroft Partners, HDS Capital, Individual Investor, Julien Coustaury, Karlani Capital, LaunchTime, Martin Varsavsky, Paul Holliman, Western
Technology Investment, Wildcat Capital Management
Frank & Oak 04-Sep-2014 Clothing 15.00$ 20.0$ Anges Québec, Bertelsmann Digital Media Investments, Bolidea, Boris Wertz, Campfire Capital, Daniel Robichaud, Goodwater Capital, Greenoaks Capital,
Individual Investor, Investment Quebec, Lightbank, Martin-Luc Archambault, Nima Capital, Real Ventures, Rho Canada Ventures, Speed of Trust Ventures,
Version One Ventures, Western Technology Investment
Honest Company Clothing 222.0$ AllianceBernstein, Bam Ventures, Dragoneer Investment Group, Fidelity Investments, General Catalyst Partners, Glade Brook Capital Partners, ICONIQ
Capital, IVP, Lightspeed Venture Partners, Pritzker Group Venture Capital, Wellington Management
Indochino 09-Mar-2016 Clothing 32.69$ 49.9$ Acton Capital Partners, Burda Digital Ventures, Dayang Group, Highland Consumer Partners, Madrona Venture Group, Version One Ventures
Jomers Clothing
JustFab 28-Aug-2014 Clothing 85.00$ 335.1$ Broadway Video Ventures, Crosscut Ventures, Hercules Capital, Individual Investor, Intelligent Beauty, KEC Ventures, Matrix Partners, Passport Capital,
Pinnacle Ventures, Polaris Partners, Rho Ventures, SevenVentures, Shining Capital, Technology Crossover Ventures, Western Technology Investment
Lafleur 05-Dec-2014 Clothing 2.0$ Grace Beauty Capital, Haystack Partners, Heidi Zak, William McClelland
Ledbury 23-Mar-2016 Clothing 0.85$ 7.8$ Disruptor Capital, Harbert Growth Partners
Mack Weldon 15-Dec-2015 Clothing 2.80$ 6.8$ Bridge Investments, Hammerstone Capital, Jason Port, KarpReilly, Lyrical Partners, RiverPark Ventures
MeUndies 01-Sep-2015 Clothing 5.74$ 7.6$ 500 Startups, Adam Sharp, Aksel Piran, Alex Bard, Alex Moskalyuk, Anish Shah, Be Great Partners, Ben Eastman, Christopher A. Howard, Cok Mudde,
Dany Lennon, David Bolour, David Chie, David Corns, Deependra Bhartari, Gary Benitt, Geoff Abbott, Giac Vu, Individual Investor, J.D. Fagan, Janis Krums,
Joe Farris, Joey Separzadeh, Jonathan funkhouser, Jonathan Neman, Josh Mohrer, Kenneth Ballenegger, Michael Broukhim, Michael Dutka, Michael Jones,
Nathaniel Ru, Nicolas Jammet, Ophir Tanz, Paulius Uza, Peter Pham, Praveen Kanakamedala, Prosper Nwankpa, Ryan Sit, Sam Keywanfar, Science Media,
Sean Percival, Simon Venture Group, Steven Broukhim, Steven Kallmeyer, Sumner Chase, Tim Liao, Tom Dare, TYLT Lab, Walden Venture Capital,
Winklevoss Capital Management, Zach Coopersmith
Ministry of Supply 16-Jun-2015 Clothing 1.50$ 6.0$ Alexander Drummond, Andy White, Anthony Hsieh, Brian Kalma, Charlie Hsiao, Consigliere Brand Capital, Craig Breslow, Dan Relihan, Daniel Wallace,
Dawna Paton, Eric Friedman, Eric Norlin, James DeMasi, John Carlson, Kevin Henrikson, MassChallenge, SK Ventures, VegasTechFund
Mizzen+Main 03-Feb-2016 Clothing 3.00$ 4.4$ Andy White, Ben Nash, Brian Tochman, Bruce Kalmick, David Schottenstein, DSCN Capital, George Couri, Thomas Morstead, VegasTechFund
MM.LaFleur 05-Dec-2014 Clothing 2.0$ Grace Beauty Capital, Haystack Partners, Heidi Zak, William McClelland
Outdoor Voices 23-Mar-2016 Clothing 7.20$ 9.8$ 14W, Burch Creative Capital, Collaborative Fund, Forerunner Ventures, General Catalyst Partners, Kal Vepuri, Matthew Rising, Red Sea Ventures, SWTLF
Ventures
Pact Underwear Clothing
Ratio Clothing Clothing
ROKA Sports 06-Nov-2015 Clothing 3.00$ 13.0$

27. CONFIDENTIAL
ComCap, LLC
DNVB – Profiles (Cont’d)5
27
Company Name
Last Financing
Date
Category
Last Financing
Size
Total Raised Active Investors
Stance 28-Apr-2016 Clothing 30.00$ 134.4$ Anthony Saleh, Atom Factory, August Capital, Jeff Kearl, Joshua James, Kickstart Seed Fund, Kleiner Perkins Caufield & Byers, Matt Coffin, Menlo Ventures,
Mercato Partners, Nasir Jones, Rick Alden, Science Media, Shasta Ventures, SherpaVentures, Stoneway Capital, Troy Carter, Universal Music Group, Will
Smith
Taylor Stitch Clothing
Tommy John Clothing 1.0$ FirstMark Capital, New York Angels, New York Venture Partners
Tracksmith 09-Jul-2015 Clothing 4.10$ 5.8$ BoxGroup, Bridge Boys, Hammerstone Capital, Index Ventures, Lerer Hippeau Ventures, Matt Humphrey, Michael Preysman, Panacea Capital Advisors,
Pentland Group, Red Sea Ventures, Silas Capital
Warby Parker 30-Apr-2015 Eyewear 100.00$ 195.5$
Jand 30-Apr-2015 Eyewear 100.00$ 216.2$ American Express Ventures, Andrew Boszhardt, Andrew Dunn, Andrew Fine, BoxGroup, Christopher Dixon, Consigliere Brand Capital, Cross Culture
Ventures, Dave Lerner, David Tisch, Davis Smith, Felicis Ventures, First Round Capital, Forerunner Ventures, General Catalyst Partners, Grace Beauty
Capital, Great Oaks Venture Capital, Hartford Financial Services Group (Mutual Fund Business), Individual Investor, Interplay Ventures, Jeff Fluhr, Josh Spear,
Kal Vepuri, Lerer Hippeau Ventures, Menlo Ventures, MentorTech Ventures, Millard Drexler, Nils Johnson, Scott Belsky, Shervin Pishevar, Spark Capital,
Suffolk Equity Partners, SV Angel, T. Rowe Price, Thrive Capital, Tiger Global Management, Troy Carter, Wellington Management, Wharton Venture Initiation
Program, Zig Capital
JRSK 17-Aug-2015 Luggage 2.50$ 2.5$ Accel Partners, Andrew Deitchman, Andrew Dunn, Bam Ventures, Battery Ventures, Brian Lee, Comcast Ventures, Forerunner Ventures, Jeff Kearl,
Metamorphic Ventures, QueensBridge Venture Partners, Shawn Carter (Jay-Z), Steven Alan, Will Smith
Raden 01-Mar-2016 Luggage 3.5$ Basset Investment Group, First Round Capital, Flybridge Capital Partners, Graph Ventures, Kal Vepuri, Lerer Hippeau Ventures, Pritzker Group Private
Capital, Rachel Rosenzweig, Silas Chou
Huckberry Outdoor Gear
Kuiu Outdoor Gear
Global Uprising (Doing business as Cotopaxi) 06-Mar-2015 Outdoor Gear 6.50$ 9.5$ Bam Ventures, Brand Foundry Ventures, Correlation Ventures, Forerunner Ventures, Greycroft Partners, Jeff Kearl, Joshua James, Kickstart Seed Fund,
Lerer Hippeau Ventures, New Enterprise Associates, Peterson Partners, Tekton Ventures, William Tai
Bucketfeet 24-Jun-2015 Shoes 3.00$ 16.8$ Amer Rehman, Andrew Dunn, Armando Pauker, Brendan Synnott, Brian Spaly, Bridge Investments, Catapult Chicago, Craig Young, Glen Tullman, Gordon
Segal, Hydra Ventures, Jeff Cantalupo, Jumpstart Ventures, Lakewest Venture Partners, Levy Family Partners, Listen Ventures, Lon Chow, MI Ventures,
Michael Kogan, R.H. Bailin, Rick Desai, Rishi Shah, Shradha Agarwal, Wintrust Ventures, Yunsan
Greats Brand 07-Jan-2015 Shoes 1.50$ 3.5$ Adrian Wilson, Individual Investor, Jay Adya, Mark Gerson, Primary Venture Partners, Resolute Ventures
Jack Erwin 18-Sep-2014 Shoes 9.00$ 11.9$ Caleres, Crosslink Capital, FundersGuild, Hammerstone Capital, Individual Investor, Menlo Ventures, Phil Boyer, Prolific Venture Capital, Shasta Ventures
Koio Collective Shoes Damian Greco, Winklevoss Capital Management
M.Gemi 04-Nov-2015 Shoes 18.00$ 32.0$ Accel, Breakaway Innovation Group, Catalyst Partners, Forerunner Ventures, General Catalyst Partners
Paul Evans 29-Dec-2014 Shoes 0.10$ 0.2$ Bill Buchanan, James Colbert
RCW 03-Nov-2015 Shoes 18.00$ 32.0$ Accel Partners, Breakaway Innovation Group, Forerunner Ventures, General Catalyst Partners
Shoes of Prey 07-Dec-2015 Shoes 15.50$ 25.8$ Blackbird Ventures, Blue Sky Capital, Bridge Lane Capital, CrunchFund, David Spector, Greycroft Partners, IFM Investors, Individual Investor, Jodie Fox,
Khosla Ventures, Michael Cannon-Brookes, Michael Fox, Mike Knapp, MLC, Monash Private Capital, Nordstrom, Richard Baker, Sequoia Capital, Southern
Cross Venture Partners, William Tai

28. CONFIDENTIAL
Profiles of selected DNVBs
28

29. CONFIDENTIAL
ComCap, LLC 29
Bonobos Overview www.bonobos.com
Company Overview Management Team
Andy Dunn, Co-founder and CEO: Dunn is re-appointed as the CEO
of the company. He also founded Red Swan Ventures. Currently he
serves as Chairman at Interior Define and Chairman at Monica + Andy.
Antonio Nieves, CFO: Nieves previously served as CFO at ModCloth.
Prior, he served as VP of FP&A and Investor Relations at ModCloth and
Head of WW FP&A, Senior Finance Director at Logitech
Dominique (Philipp) Essig, Chief Experience Officer: Essig
previously served as Vice President Product Management of User
Experience, & Design at Gilt Groupe. Prior, he served as Director of Site
Health and Enterprise Initiatives at Travelocity
Deepa Koita, Director of Finance: Kolta previously served as Global
Financial Planning and Analysis at AVON. Prior, he served as Corporate
Finance & New Business Development at AVON
Source: Company data, press
Founded: 2007 Status: Private
Employees: 300+ HQ: New York, NY
Company Overview: Bonobos is an e-commerce driven clothing
brand focused on offering great fit and excellent customer service.
The company sells fitted men's trousers through an online platform
and produces casual dress trousers in lightweight wool, cotton twill,
seersucker, corduroy and cashmere fabrics for men. It also offers
shorts, belts and t-shirts.
The company has established 20 appointment driven e-commerce
stores that is known as Guideshops which plans to open more in 2016.
It has 30 customer service employees and over 3,000 variants of
washed chinos. Its main audience is young, but it wants to be a brand
both older fathers and their sons would want to wear. Its $88 chinos
and $98 plaid shirts.
Key Facts Financing Summary
Date Round Type Amount Post Valuation
Jul 2014 Series D $55m $300m
Mar 2013 Series C $30m $205m
Apr 2012 Venture $16m $164m
Dec 2010 Series B $19m $69m
Jan 2010 Angel $4m $64m
Jun 2009 Angel $3m $34m
Sep 2008 Angel $750k $9m
Key investors: Accel, Andrew Boszhardt, Jr., Brendan Wallace,
Coppel Capital, Felicis Ventures, Forerunner Ventures, Glynn Capital
Management, Lightspeed Venture Partners, Mousse Partners,
Nordstorm, Otter Rock Capital, Peterson Ventures, Sandy Cass
• In 2011 Bonobos extended offline, launching Bonobos Guideshops.
• In 2012, Bonobos expanded its distribution partnering with
Nordstrom, bringing Bonobos apparel into select doors nationwide
and to Nordstrom.com. Currently, 118 Nordstorm locations that sell
Bonobos.
• Over 200 variants of dress shirts are being offered, 230 variations
of casual shirts are being offered and 280 variants of pants are
being offered.
• According to Crains, Bonobos grew a following and pulled in $4m in
gross revenue in 2009 and $10m in 2010
• Non-pants items accounted for more than half of all sales, and the
company had more than 250,000 customers who made a purchase
in the last 12 months.

30. CONFIDENTIAL
ComCap, LLC 30
Just Fab Overview www.justfab.com
Company Overview Management Team
Adam Goldenberg, Co-founder & CEO: Goldenberg currently serves
as Director.at DermStore.com. Previously co-founded and served as Co-
CEO at Intelligent Beauty
Traci Inglis, Chief Marketing Officer: Inglis previously served as VP of
CRM & Research at JustFab. Prior, he served as Director Digital
Marketing, CRM & Customer Marketing at Hot Topic
Anton von Rueden, COO: Rueden founded and served as Feensee.
Previously he served as Chairman of the Supervisory Board at drivindu.
Prior, he served as SVP of General Manager Global Member Services at
jJustFab
Heidi Crane, CFO: Crane previously served as CFO / SVP Finance at
Leiner Health Products. Prior, he served as VP of Strategic Planning /
Finance at 99 Cents Only Stores.
Source: Company data
Founded: 2010 Status: Private
Employees: 470+ HQ: El Segundo, CA
Company Overview: JustFab is an online fashion retailer offering
members a personalized shopping experience based on their fashion
preferences. It is a monthly VIP membership program that grants
fashion lovers access to celebrity stylists and the hottest shoes and
handbags.
The company provides access to fashion tips and content, clickable
style boards to shop curated outfits and offers a personalized
shopping experience based on members' indicated fashion
preferences. In August 2014, the company has been valued as $1.0b.
In 2013, the company has made few acquisitions including
ShoeDazzle, The Fab Shoes and Fabkids. It reaches over 35 million
members worldwide through its portfolio of lifestyle fashion brands.
Key Facts Financing Summary
Date Round Type Amount Post Valuation
May 2015 Venture na na
Aug 2014 Series D $85m $1.0b
Aug 2014 Debt $5m na
Dec 2013 Series C $15m na
Sep 2013 Series C $40m na
Jul 2012 Series B $76m na
Sep 2011 Series A $33m na
Key investors: Guild Capital, Intelligent Beauty, KEC Ventures,
Matrix Partners, Passport Capital, Rho Capital Partners, Rho
Ventures, SevenVentures, Shining Capital, Technology Crossover
Ventures (TCV), Trinity Capital Investment
• Operates through its portfolio of brands including JustFab
(www.justfab.com), FabKids (www.fabkids.com), ShoeDazzle
(www.shoedazzle.com), and Fabletics (www.fabletics.com).
• It offers members in the US, Germany, Canada, UK, France and
Spain the celebrity treatment every month as they receive a new
and customized selection of shoes, handbags, jewelry and denim.
• Each Justfab item is $39.95 and shipping is always free.
• It is a specialty retailer which means that it design its own product
and hold inventory. It’s a capital intensive business.
• The company is expected to build a business worth at least $3-5
bn. It was predicted, the company would earn $500m revenue in
2015 from its four brands.
• In 2014, JustFab’s North American operations have been profitable
every year

31. CONFIDENTIAL
ComCap, LLC 31
ModCloth Overview www.modcloth.com
Company Overview Management Team
Matthew Kaness, CEO: Kaness previously served as Chief Strategy
Officer at Urban Outfitters. Prior, he served as Senior Manager of
Consumer & Retail at PRTM and Production & Operations Consultant at
Burton Snowboards
Eric Koger, Co-founder: Koger previously served as CEO of ModCloth.
Prior, he co-owned and served as CEO of Biznesshosting.
Susan Gregg Koger, Owner and Creative Officer: Koger received a
bachelors degree from Carnegie Mellon University.
Mary Alderete, Chief Marketing Officer: Alderete previously served as
Chief Marketing Officer at True Religion Brand Jeans.
Mike Janover, VP of Marketing: Janover previously served as
Managing Director of eCommerce & Digital Marketing at Juice Beauty
Source: Company data
Founded: 2002 Status: Private
Employees: 430+ HQ: San Francisco, CA
Company Overview: ModCloth is an online clothing, accessories and
decor retailer that aims to provide an engaging shopping atmosphere
for the user. It sells clothes both retro and quirky, from print ponchos
to vibrant dresses.
The clothes inside the “fit shop” are meant to be tried on and then
ordered to customers’ homes, while the accessories and one-of-a-kind
vintage gear can be bought on the spot and taken home.
Ships to more than 50 countries and has footholds in Australia,
Canada, the U.K., and Hong Kong. The company is looking to expand
a bunch of product lines, such as intimates, bridal, athletic wear,
accessories, and home goods. It has shipped around 2 million orders
in 2014.
Key Facts Financing Summary
Date Round Type Amount Post Valuation
Jun 2015 Series C $15m $38m
Jul 2012 Venture $2.5m na
May 2012 Series C $25m $185m
Apr 2011 Series B $13m na
Jun 2010 Series B $20m na
Mar 2009 Series A $3m na
Jun 2008 Seed $1m na
Key investors: Accel, Andrew Boszhardt, Jr., FloodGate, First
Round, Great Oaks Venture Capital, Harrison Metal, Innovation
Works, Jeff Fluhr, Madison Angels, Norwest Venture Partners
• The company focuses on physical stores, new ModCloth-branded
label lines, and more growth internationally.
• It has raked in more than $150m in revenue in 2014, up from about
$100m in 2012, and has achieved profitability over each of the past
four quarters
• Has positioned itself as a wholly inclusive label that touts positive
body image, vowing never to retouch women with Photoshop,
offering an extensive plus-size assortment, and using models with
different body types.
• Focuses on Japan, Germany, and South Korea. It largely targets
women in their 20s and 30s.
• The company also created its first private-label apparel line and is
in talks with potential retail partners.

32. CONFIDENTIAL
ComCap, LLC 32
Stance Overview www.stance.com
Company Overview Management Team
Jeff Kearl, Co-founder, Chairman & CEO: Kearl previously served at
Innoventures Capital Partners, Monarch Venture Partners and
Cymphonix. Currently he serves at Stance Socks, Precedent
Investments, Julep
Rick Alden, Co-founder: Aldern also co-founded Skullcandy.
Previously, he served as Product Development Specialist at Orvis. Prior,
he co-founded Device Development Corp and National Snowboard
Ryan Kingman, Co-founder & CMO: Kingman previously served as
Global Marketing Director at Element. Prior, he served as Team
Manager of Communications Director at Giant Distribution
Taylor Shupe, Co-founder & Chief Product Officer: Shupe previously
founded and served as Chairman at Blacksmith / mfg.
Source: Company data, press
Founded: 2009 Status: Private
Employees: Approx. 200 HQ: San Clemente, CA
Company Overview: Stance, a premium apparel company. It is a
designer and manufacturer of socks for men, women and kids. The
company provides lifestyle apparel for men and women across a
variety of lifestyle and performance categories.
Through its inimitable brand DNA, the company has ignited a
movement of art and self-expression that has drawn athletes,
performers, and iconic cultural influencers into a cohesive group
known as “Punks and Poets.”
In 2016, the company raised funds and bolstered partnership to
continue its rapid growth and expansion into strategic, direct-to-
consumer initiatives. The company has been profitable since its first
round of funding.
Key Facts Financing Summary
Date Round Type Amount Post Valuation
Apr 2016 Series D $30m $370m
Mar 2015 Series C $50m na
Apr 2014 Series B $30m na
Jul 2011 Series A $6m na
Dec 2009 Seed na na
Key investors: Mercato Partners, August Capital, Kleiner Perkins
Caufield Byers, Menlo Ventures, Shasta Ventures, Sherpa Capital,
Anthony Saleh, Dwyane Wade, Emagen Investment Group, Josh
James, Kickstart Seed Fund, Matt Coffin, Roc Nation, Rick Alden and
other
• Patterns in all colours range from stylish takes on team logos to
geometric patterns to abstract art, including mix-and-match designs
that use the same colour palette for variant pairs.
• The prices range from $10 to $25, for higher-end performance
socks
• Developed a proprietary process called INprint that sublimates
images directly on the yarn, allowing the company to manufacture
• The company has presence across 7,500 retail doors out of which
2,800 are specialty
• Stance's positioning has helped it find new areas of growth, such
as in women's socks, which was launched in 2013
• In 2015, the company planned to launch a line of men's underwear
by the end of year.

33. CONFIDENTIAL
ComCap, LLC 33
Warby Parker Overview www.warbyparker.com
Company Overview Management Team
Neil Blumenthal, Co-founder & Co-CEO: Blumenthal previously
served as Summer Associate at McKinsey & Company and Director at
VisionSpring
Jeffrey Raider, Co-founder: Raider previously served as Senior
Associate at Charlesbank Capital Partners. Prior, he served as
Associate at Charlesbank Capital Partners
Dave Giloba, Co-founder & Co-CEO: Giloba previously served as
Business Development and Strategy Intern at Crescendo Bioscience.
Prior, he served as Special Assistant to the CEO at The TriZetto Group
and Associate at Allen & Company
Lon F. Binder, VP of Technology: Binder currently serves as
Technology Advisor at VisionSpring. Also serves as a Member of New
York CTO club. Previously he served as VP of Technology at Folica
Source: Company data
Founded: 2010 Status: Private
Employees: 500 HQ: New York, NY
Company Overview: Warby Parker is a provider of vintage-inspired
prescription eyewear. The company designs, assembles and sells
prescription eyewear, including sunglasses.
The frames are made from cellulose acetate and ion-plated titanium
and the polarized lenses are made from polycarbonate with anti-
reflective coatings. It offers ultra-high-quality, vintage-inspired frames
for $95 including prescription lenses and shipping.
It has retail locations across the US and in Canada. It has 27 stores in
22 US cities. In 2015, the company has raised funds to expand its
chain of retail shops, where the company generates a growing portion
of sales. It is a blend of offline and online. In 2013, the company had
$35m revenue according to PrivCo’s internal estimates
Key Facts Financing Summary
Date Round Type Amount Post Valuation
Apr 2015 Series D $100m $1.2b
Dec 2013 Series C $60m $520m
Jan 2013 Series B $42m $290m
Sep 2011 Series A $12m $128m
Jul 2011 Seed $2m $38m
Oct 2010 Debt $500K na
Key investors: American Express, Andrew Boszhardt, Jr.,
BoxGroup, Davis Smith, Felicis Ventures, First Round, General
Catalyst Partners, Grace Beauty Capital, Interplay Ventures, Jeff
Fluhr, Lerer Hippeau Ventures, Menlo Ventures, MentorTech
Ventures, Millard Drexler, Red Swan Ventures
• The company is not profitable but it has reduced cost by cutting out
licensing fees, working directly with suppliers and shipping products
directly to consumers.
• It has created a popular brand by marketing designer frames for
under $100.
• Also building new technology to make shopping for frames in stores
and online easier. It is investing in technology to let customers
conduct eye exams using just their mobile phones.
• Has a popular service called Home Try-On in which customers can
test up to five frames at home free of charge.
• The company claims that the stores soon became profitable,
making an average of $3,000 per square foot annually.
• It has sold over one million pairs and given away one million pairs
since 2010

34. CONFIDENTIAL
ComCap, LLC 34
YepMe Overview www.yepme.com
Company Overview Management Team
Vivek Gaur, Co-founder & CEO: Gaur previously served as Business
Head North & East of Magazines at HT Media. Prior, he served as
Executive Director at Living Media India and Regional Sales Manager at
Hindustan Unilever
Sandeep Sharma, Co-founder, CTO & COO: Sharma previously
served as CEO of Yepme.com. Prior, he served as Senior Manager at
Accenture & Sapient and Program Manager at NSPL
Anand Jadhav, Co-founder & President: Jadhav previously served as
Joint Managing Director at Omved Lifestyle. Prior, he served as VP of
Marketing, Strategy & IT at Reliance Trends and Head of Marketing &
Projects at Infiniti Retail
Manish Shrivastava, Chief Revenue Officer: Shrivastava previously
served at Snapdeal, Bacardi, Hindustan Unilever Limited
Source: Company data, Press
Founded: 2011 Status: Private
Employees: 180+ HQ: Gurgaon, India
Company Overview: Yepme.com, an online fashion brand
showcasing menswear and accessories featuring formal, casual,
outdoor and party wear. The portal also sells apparels, watches,
specs, footwear and other items.
The brand targets style conscious men & women between the age of
20-29 years, in India. It offers services in over 1,000 cities and delivers
close to 500,000 units a month. In 2015, the company was doing
almost 20,000 transactions a day, and the firm is generating net sales
of $4.4m - $5.1m. Plans to have 400 stores by the end of 2016.
Yepme also started an international business, Yepmeworld.com, in
April 2014. It currently sells to customers in the US and plans to
expand its presence to others markets.
Key Facts Financing Summary
Date Round Type Amount Post Valuation
Sep 2015 Series B $75m na
Jan 2015 Series A $13m na
May 2014 Venture $500K na
Key investors: Brand Capital, Capricorn Investment Group, Helion
Venture Partners, J.S. Oliver Capital Management, Khazanah
Nasional Berhad, TC Capital
• It will use the money to grow its ethnic wear category, a relatively
new segment
• In august 2015, Helion and Capricorn together hold close to a 60%
stake in the company while Morpheus has a stake of about 8%,
The founders hold close to 20% of the company.
• The company, besides selling fashion wear on Yepme.com, also
retails its products on marketplaces such as Flipkart, Myntra and
Snapdeal. Marketplaces generate close to 30% of overall sales for
the company.
• The company is targeting a revenue of over $29.3m by March 2015
and $88.0m by the next fiscal year. According to the company, 70%
of its revenue comes from the men’s category.
• In FY 2012-13, its GMV was $9m, FY 2013-14 it was $27m, FY
2014-15 was $40m and 2015-16 was $65m

35. CONFIDENTIAL
ComCap, LLC 35
WearYouWant Overview www.wearyouwant.com/en/
Company Overview Management Team
Julien Chalté, Co-founder & Managing Director: Chalté previously
served as CTO of TransacWeb SARL. Prior, he served as Managing
Director at LetMotiv Asia, and CEO at LetMotiv SARL.
Martin Toft Sørense, Co-founder & Managing Director: Sorensen
previously served as Sales Executive at Visit Beyond. Prior, he served
as Consultant at Den Sociale Konsulenttjeneste and Store Manager at
Intermezzo.
Thomas Kroman, CMO: Kroman previously served as Marketing
Director at STYLEPIT. Prior, he served as Head of Marketing at
Miinto.dk and Marketing Manager at Miinto.dk.
Sukanya Potten, Social Media Manager & Marketing Team: Potten
previously owned and served as Managing Director at Sukanya Thai
Travel & Tours.
Source: Company data, Press
Founded: 2011 Status: Private
Employees: 20+ HQ: Bangkok, Thailand
Company Overview: WearYouWant is a fashion and beauty e-
commerce platform in Bangkok that offers an online B2B platform for
offline retailers. It is number one hotspot for a wide range of brands,
boutiques and labels.
The website works with almost 500 boutiques and offers online fashion
shoppers a choice of 450 brands and 15,000 items, unique local
brands and well known international brands, across a range of
women’s and menswear including bags, accessories and cosmetics.
On December 2015, the company reported a revenue of $12m.
The company offers branded product lines across womenswear –
including dresses, shoes, accessories, bags, skirt, cosmetics and
glasses – and menswear, including jeans, t-shirts, shoes and shirts.
Key Facts Financing Summary
Date Round Type Amount Post Valuation
Feb 2016 Series B na na
Sep 2015 Series B na na
Aug 2014 Series A $1.5m na
Key investors: Sebrina Holdings, Start Today, DMP VC, IMJ
Investment Partners, Julien Chalte, Kimura Shinji, OPT Sea
• WearYouWant is a business relying on several partners through a
B2B2C business model.
• It serves as a marketplace, allowing offline vendors to set up a
shop and manage customer orders
• In 2016, the company raised funds to strengthen its brand assets
and presence in vertical markets. It is also eyeing expansion in
regional markets and will continue developing its native app.
• The company has recently entered in partnerships with various
major brands, including LINE, Samsung, Sanook, and others.
• It allows customers to pay cash on delivery and works with two
logistics companies, CJ Korea and KWC Logistics, to ship its
orders.
• Plans to offer next-day deliveries soon in order to enhance its
competitive strength.

36. CONFIDENTIAL
ComCap, LLC 36
Temple & Webster Overview www.templeandwebstergroup.com.au
Company Overview Management Team
Mark Coulter, Interim CEO: Previously, Mark co-founded the National
Online Retailers Association, and is a co-founder of ParcelPoint/Fluent
Retail, a logistics and technology company servicing many of Australia's
largest online and omni-channel retailers.
Michael Henriques, Co-founder: Michael previously served as VP,
Managing Director and Technology & Operations Manager of Wayfair
Australia, and prior to that he held several roles at Wotif Group.
Adam McWhinney, Chief Experience Officer & Co-Founder : Prior to
co-founding Temple & Webster, Adam was a Product Director at News
Limited. Adam was the creator of Taste.com.au
Mark Tayler, Interim Chief Financial Officer: Previously served as
CFO of DealsDirect Group. Mark holds a Bachelor of Commerce from
the University of Western Sydney and is a Certified Accountant.
Source: Company data, Press
Founded: 2011 Status: Private
Employees: 54 HQ: Alexandria, Australia
Company Overview: Temple & Webster Group Ltd operates as an
online retailer of furniture and homewares in Australia.
The Group currently operates the Temple & Webster, ZIZO and Milan
Direct online platforms, each of which targets the furniture and
homewares buyer. The company was founded in 2011 and is based in
Alexandria, Australia.
The Company has grown rapidly and has over 190,000 active
customers. Its websites received more visits than any other Australian
online-only furniture retailer in FY15.
Key Facts Financing Summary
Date Round Type Amount Post Valuation
Sep 2015 Series B $75m na
Jan 2015 Series A $13m na
May 2014 Venture $500K na
Key investors: Brand Capital, Capricorn Investment Group, Helion
Venture Partners, J.S. Oliver Capital Management, Khazanah
Nasional Berhad, TC Capital
• Temple & Webster, Australia's leading members-only shopping
club for the home by FY15 website visits and with over 1.3 million
members.
• Temple & Webster provides a curated offering of over 10,000
different products a month from over 400 suppliers.
• ZIZO, one of Australia's largest marketplaces for furniture and
homewares with over 100,000 products on sale from over 700
suppliers.
• ZIZO runs an innovative drop-shipping model, whereby products
are sent directly to customers by the supplier reducing fulfillment
costs and allowing a larger product range.
• Milan Direct, one of Australia's largest online retailers of furniture
which has operations in Australia and the UK.

37. CONFIDENTIAL
ComCap, LLC 37
Shoes of Prey Overview www.shoesofprey.com
Company Overview Management Team
Michael Fox , Co-founder & Co-CEO: Fox manages operations,
logistics and the customer happiness team at the company. Previously
he served as Agency Team Lead at Google and Relationship Manager
at Google
Mike Knapp, Co-founder & CTO: Knapp previously served as Software
Engineer at Google. Prior, he served as Senior Associate of Google
AdWords at Google
Jodie Fox, Co-founder and Chief Creative Officer: Fox previously
served as Senior Account Manager at The Campaign Palace. Prior, she
served as Lawyer at Blake Dawson and Export Market Planner at Griffith
University
Christopher McCallum, COO: McCallum previously served as Senior
Manager of Operations, Management Consulting at PwC
Source: Company data, Press
Founded: 2009 Status: Private
Employees: ~200 HQ: Santa Monica, CA
Company Overview: Shoes of Prey is a global retail brand that
enables shoppers to design their own shoes online. The company has
a strategy to operate both online and in-store.
It has specialised in flats, heels, wedges, sandals, boots and others.
The shoes are designed by women shoppers, for shoppers. Using the
Shoes of Prey 3D DESIGNER customers can choose the shape,
colour and height of their shoes.
In addition, to its global English speaking customer base. It also
operates French, German, Spanish and Japanese language sites to
serve those local customers. The shoes are designed, made &
shipped within 14 days. The company has added an express option for
$50, which cuts this time in half.
Key Facts
• In 2014, Shoes of Prey offered 12 different styles including ballet flats, heeled oxfords and wedge sandals, in over 300,000 trillion
permutations, taking into account a wide range of size and style options
• The business broke even at two months and hit multi-million dollar revenue in under two years
• In 2015, 5 million unique viewers have visited shoesofprey.com
• Shoppers have designed 6 million shoes with Shoes of Prey
• Plans to become an international retailer over next five years.
• It also regularly invest in existing technologies, like 3D printers and oculus rifts
• Currently, the company has 5 physical shop-in-shops at Nordstrom stores across the US and 1 store in David Jones in Sydney, Australia
• The company has also teamed up with Mad Men costume designer Janie Bryant and New York-based contemporary designer Jonathan
Simkhai for one-off collections.
• It has won and had been nominated for various awards. The recent prizes include Best International Conqueror 2015 and Online Retailer of the
Year 2014 at the Online Retail Industry Awards, and Kogan Australian Online Retailer of the Year 2013 at the Australian Retail Awards

38. CONFIDENTIAL
ComCap, LLC 38
Shoes of Prey Overview www.shoesofprey.com
Strategy Overview Financing Summary
Source: Company data, Press, PitchBook
Snap Shots
Date Round Type Amount Post Valuation
Dec, 2015 Series B $15.5m $64.2m
Nov, 2014 Series A2 $5.5m $29.7m
Sep, 2013 Seed $1.6m $21.2m
Jun, 2012 Seed $3.0m $13.4m
Key investors: Blue Sky Venture Capital, Khosla Ventures,
Nordstorm, Greycroft Partners, Blackbird Ventures, Bridge Lane
Capital, Monash Private Capital, Crunch Fund, David Spector, IFM
Investors, Richard Baker, Southern Cross Venture Partners, Heidi
Zak and others
• In 2014, the company raised funds to establish a second factory
and facilitate a partnership with Nordstrom.
• The company vertically integrated its operations in 2013 by
establishing its first dedicated factory in Southeast Asia.
• The second factory will be able to handle five times more orders
than the first.
• Shoes of Prey’s shop-in-shops does not hold actual inventory
whereas they provide customers an opportunity to see, touch and
try on products that can be customised and ordered via iPad,
meaning the shop-in-shops stand to yield higher sales densities
than traditional retail spaces.
• In 2015, the company raised more funds to continue its growth in
the US market via its omni-channel strategy.
• Also aggressively hiring to support its rapid growth, currently at
120 per cent year on year.
• It will also increase production capacity in the company’s
dedicated factory in China to cater to increased consumer
demand in the US and globally for customised products
• Plans to enhance its relationship with Nordstorm, which was
established in November 2014. The brand is available on
Nordstrom.com, which the company consider as "an important
new sales channel”
• Aims to accelerate future expansion into new products, starting
with women’s handbags and smaller leather goods
• The materials are sourced from all over, production is based in
Guangdong, China, where the company opened its own
specialized factory in 2014. By controlling the manufacturing
process rather than outsourcing, as the brand did when it started,
it's able to make changes more quickly and produce faster.

39. CONFIDENTIAL
ComCap, LLC 39
Shoes of Prey-Nordstrom Partnership www.shoesofprey.com
PRESS RELEASES:
• November 17, 2014: Shoes of
Prey announces their exclusive
partnership with leading fashion
specialty retailer Nordstrom to
house their “design-your-own”
shoes studio concept in six major
locations across the country.
• The first Shoes of Prey Design
Studio at Nordstrom will open on
November 17th at the retailer's
Bellevue Square location in
Bellevue, WA (which will be the
brand's first US offline presence),
and is set to complete the
remaining concept studios by Q1
of 2015.
• December 7, 2015: Shoes of
Prey announced a capital raise
from global investors and, most
notably, from retail giant
Nordstrom.
• On Dec. 7, the company
announced a $15.5 million Series
B capital raise. In addition to
Nordstrom, top investors included
BlueSky Venture Capital,
Greycroft and Khosla.

40. CONFIDENTIAL
ComCap overview materials
40

41. CONFIDENTIAL
ComCap, LLC
ComCap – A leading boutique at the intersection of Capital
and Commerce
Value
Proposition
Unique, Focused, Global, Strategy and Investment Banking Boutique
Recent transactions completed or underway in the United States, Japan, China, Singapore, Argentina, UK, Sweden, Belgium,
France, Germany
$2bn revenue Japanese ecommerce BPO co.
#3 Russian Internet company
#1 UK Internet company
Multiple private B2B ecommerce systems integrators
Selected
ComCap
Clients
#1 Asian ecommerce B2B company
$200mm rev US public company
Multiple US and EU private equity funds
Three ecommerce SaaS companies
Google
eBay
Previous
Clients
Dice.com
Internet Brands
Yahoo
Digital River
Selected Team
Members
Aron Bohlig
Managing Partner
Sakshi Goel
Associate
Back office
Team
Shiv Ng
PPG
Sabhi Muhammed
Analyst
Cindy Lang
Administration and Ops
Experience
21 years
Credit Suisse
Become, Nortel
Education
Wharton MBA
Location
San Francisco
Mr. Bohlig is a registered representatives of and Securities and Investment Banking Services are offered through BA Securities, LLC Member FINRA SIPC.
ComCap and BA Securities, LLC are separate and unaffiliated entities
Fermin Caro
Vice President
12 years
Credit Suisse
Yale MBA
San Francisco
Alex Martin
Associate
9 years
Credit Suisse
Richard Ivey School
of Business
San Francisco
Uren Dhanani
Associate
5 years
UBS, DaVita
McCombs School
of Business
San Francisco
41

42. CONFIDENTIAL
ComCap, LLC 42
Why ComCap?
 Who is ComCap?
− Ecommerce-focused boutique, accepting clients only by word of mouth recommendation
− Proven team with background at Credit Suisse, 100% focused on the ecommerce value chain
− Senior execution, no bait-and-switch, but with a strong bench team for support
− We are small, so we must be selective, working only on the best probability engagements, but
working ferociously to achieve a great outcome
− We do deals where we add unique value – not untargeted auctions to test the market
 How do we differentiate?
− Vertical focus enables deep understanding of your value proposition
− Unique synergies identification and advocacy process – based on bottoms up revenue and profit
analysis of the value of entering new geographies, new verticals for strategic investors / buyers
− Huge network among strategics in the US, Europe and Asia
− 50% of our transactions are cross border (active in the US, Asia, Europe and LatAm)
− New market entry experience on buyside
 Win-win proposal and differentiated proposition for our clients
− While we may charge premium pricing, we offer greater levels of service than other firms, and
our client references will attest to this

43. CONFIDENTIAL
ComCap, LLC 43
ComCap helps DynamicAction raise $15m strategic round
• DynamicAction (DnA) is a San Francisco based SaaS predictive
analytics platform for retailers
• DnA’s solution leverages >600 algorithms to provide large retailers with
big data insights, derived from $12bn in annual GMV (2nd only to
Amazon), and proscribe prioritized actions related to critical issues that
are largely not visible today - across primarily merchandising, site
operations and customer interactions
• Marquee retailers in the US, UK and Europe such as Victoria’s Secret,
Abercrombie, American Eagle Outfitters, Brooks Brothers, Eddie Bauer,
Cole Haan, Otto Group, Tesco, and El Corte Ingles achieved >20% Y/Y
growth in profit during the 4Q (the most important season for retailers)
• At the time of the transaction, DnA surpassed its 2016E target revenue
and had visibility into >70% of its 2017E target standalone revenue
(112% including its weighted pipeline)
• The round valued DnA at 7.3x 2017E target standalone revenue and
5.3x 2017E revenue (including synergies)
ComCap process differentiation
ComCap successfully executed a capital raise and partnership with committed resources to accelerate
growth and realize material revenue synergies
• Extensive pre-transaction engagement to optimize company’s
positioning emphasizing first mover advantage and
differentiation
• Process designed to engage with key strategics and targeted
private equity players on a global basis
• Created detailed analysis of historical financials to support key
value drivers, customized for each strategic investor, and
detailed synergy models to gain commercial buy-in
• Aggressively engaged with commercial and strategic investment
teams to foster commitment to and consideration for synergies
in the valuation rationale
• Accenture’s retail practice corroborated the commercial opportunity
and, along with the strategic investment, committed to accelerating
DnA’s penetration of the largest retailers worldwide.
• Synergies to DnA are expected to contribute 33% in incremental
annualized revenues vs. DnA’s 2017E standalone revenues
$5
$9
$23
$0
$3
$9
$5
$12
$33
$0
$10
$20
$30
$40
2016E 2017E 2018E
DnA Standalone DnA Synergies
5.3x
Multiple
DnA revenue ramp including synergies ($m)
implies a ‘17 multiple in-line with vertical SaaS leaders

44. CONFIDENTIAL
ComCap, LLC
ComCap helps drive global ecommerce
outsourcing expansion through $15mm equity investment
Global outsourcing leader with premier client base, seeks
expansion via digital services & new geographies
• Based in Tokyo, founded in 1985, (TSE: 09715) since 1997
• $1.5B in sales, ~16,000 employees, ~ 800 clients
• Leading BPO, contact center, digital marketer w. Asia expertise
• Proactively sought to meet clients’ Int’l. expansion needs
• Identified ecommerce as next evolution in outsourced services
44
International outsourced ecommerce with robust
capabilities and iconic global brands
• Based in Texas, founded in 1994, IPO 1999 on NASDAQ:
PFSW
• $250M in sales, 1,400 employees, >60 brand name clients
• Best in class provider of end-to-end ecommerce outsourcing
• Established operations in N. America and Europe
• Seeking strategic partners to achieve a global solution
Capabilities
Capabilities
Clients Clients
Working with fifteen different strategic partners over four months, #commeracapital brought together a
large strategic and a best-of-breed point provider to create a best-in-class, end-to-end, global solution

45. CONFIDENTIAL
ComCap, LLC
Software and
Service Leaders
Payments
& Fintech
End to end
Players
Global Logistics
Leaders
Agencies and
Systems
Integrators
Retailers and
Corporate VCs
eCommerce
Leaders
45
ComCap’s strategic partner landscape

46. CONFIDENTIAL
ComCap, LLC 46
ComCap’s ecommerce / digital retail investors landscape
US
Stage
agnostic
Buyout /
Alternate
Early
stage
Late
stage
Strategic
International