Little Black Bag Launches With Backing From GRP, DCM

Los Angeles-based startup Little Black Bag, a new e-commerce startup backed by GRP Partners and DCM, said this week that it has launched its online shopping site--a play on the Japanese concept of "fukobukuro". The startup said it lets shoppers buy and trade "mystery" fashion shopping products, tailored to their interests. The Japanese fukobukuro concept is one where mystery bags of products--often worth many times the sales price--are offered to shoppers during New Year. In a trend among Los Angeles e-commerce startups, Little Black Bag offers up a monthly membership of $49.95; the company also offers a single purchase option for $59.95. Little Black Bag is headed by Dan Murillo, and has reportedly scored $2.75M in funding from GRP, DCM, and David Tisch. Both Mark Suster and Yves Sisteron of GRP sit on the board, along with David Chao of DCM. More information »