Adam Goldenberg began his entrepreneurial career at only 15 years of age. His first business that he created was the Gamers Alliance, an advertising site for games. He sold Gamers Alliance in 1999 before completing his high school studies and then joined Intermix Media, the parent firm to MySpace and Alena the same year. Despite his young age, Adam was named the COO of Intermix Media. It was during his time at Intermix that he met with his current business associate Don Ressler. After Intermix had been sold to News Corp in 2006, Adam and Don founded Intelligent Beauty. Currently, the two are the Co-CEOS of JustFab Inc. which was established in 2010. JustFab is currently a global head in the online subscription market and has approximately 35 million subscribers in several parts of the globe.
JustFab is a Unicorn
JustFab managed to get a funding of $85 million in 2014 from its investors at the time. That round of financing increased the firms funding to nearly $300million which transformed the business into a unicorn, a company whose valuation is above $ 1 million. When asked by Francisco about how he felt belonging to this special club, Adam Goldenberg retorted that at the firm they do not brag about being named a unicorn, but they are happy about the external validation that shows they are creating brands and that they clients are satisfied.
In the recent times, many companies have joined the Unicorn club, so Francisco asked Adam if the valuations were a little out of hand. Adam Goldenberg responded by saying that if one could invest in 100 unicorns, it would outperform the larger industry in ten years’ time. This is because most of the unicorns are overvalued, but dinosaur brands will die. Adam further expressed that they will come a time where there will be more online sales as compared to physical sales. This is because of the increased revenue from online sales in the last couple of years.
JustFab’s New Name
In 2016, JustFab Inc. changed its name to TechStyle Group on hudl.com. According to Mr. Goldenberg, the name change was to emphasize the corporation’s roots in technology with its range of brands like ShoeDazzle, FabKids, and Fabletics. The new name was proposed by Shawn Gold, the Company’s corporate marketing officer. Techstyle was ranked 679th position out of 5000 companies on the 2016 Inc.