Fashion Startup by Russell Wilson and Ciara Seeking up to $50M in Series A Funding

The House of LR&C, a Seattle-based fashion startup started by Seattle Seahawks quarterback Russell Wilson and singer Ciara, will seek between $20 million and $50 million from investors this spring in a Series A fundraising round, according to an Axios report Monday (Jan. 10).

Depending on how much financial backing The House of LR&C gets, the company’s valuation would be between three and five times its revenue, CEO Christine Day told Axios, adding that the company recently closed an oversubscribed convertible note.

The convertible note was led by Harlem Capital, which invests only in minority- and women-founded startups, according to the Axios report. Other investors in The House of LR&C include Fanatics investor Ames Watson Capital, Lightspeed Venture Partners, Darco Capital and More than Capital (MTC).

Wilson and Ciara have visions of growing The House of LR&C into a $1 billion empire. The company will be certified as a B corporation. It donates 3% of its net revenue to charity. The House of LR&C grew revenue by roughly 70% over the past year from seven figures to eight figures, Day told Axios.

The House of LR&C has been buoyed thus far by strong digital sales and wholesale operations, including through Nordstrom and other partners.

“Ultimately, this is a rock star management team,” said Henri Pierre-Jacques, managing partner at Harlem, on why his firm invested in The House of LR&C.

Related: Yeezy, Gap, Balenciaga Pact Reflects Reality That Designer Partnerships are in Style Right Now

Of course, Wilson and Ciara are hardly the only celebrities in the fashion industry. Gap and singer, designer and entrepreneur Kanye West have a 10-year, $1 billion deal for his Yeezy line that is 18 months and two product launches deep.

Last week, the duo became a trio when they added Balenciaga to the mix, according to social media posts and a 75-word press release. As PYMNTS recently reported, celebrity endorsements usually work well, but the narrowness of their nature creates a disproportionate exposure linked to the continued good behavior of a single individual. That might be a bit troublesome with West as the face of Yeezy.