JustFab, the online retailer known best for its subscription shoe-buying program, has raised an $85 million investment as it eyes a possible IPO. The company is said to be valued at $1 billion following the investment, which was led by the Passport Special Opportunity Fund, according to a person familiar with the deal. JustFab is expected to generate revenue of $400 million in 2014 across its four brands: JustFab, ShoeDazzle, Fabletics and FabKids. Co-CEO Adam Goldenberg says it will be profitable in 2015. JustFab worked with Morgan Stanley to raise the funds, as Re/code reported in May when I first broke news of the fundraising efforts.
This article originally appeared on Recode.net.