Fasturn to Announce $40-Million Infusion

By KAREN KAPLAN

May 15, 2000 12 AM PT

Fasturn, which operates an online business-to-business marketplace for the apparel industry, is expected to announce today that it has raised $40 million in a second-round private placement.

Lehman Bros. Venture Partners is the lead investor, along with CIT Venture Capital, a large apparel industry finance company; Tarrant Venture Partners, a fund sponsored by the principals of Texas Pacific Group, a private equity investment firm that owns retailers J. Crew and Bally; and five other companies. Los Angeles-based Fasturn says it can cut costs for garment suppliers, agents and buyers up to 40% by eliminating intermediaries.

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Karen Kaplan

Karen Kaplan covers science and medical research for the Los Angeles Times. She has been a member of the science team since 2005, including 13 years as an editor. Her first decade at The Times was spent covering technology in the Business section as both a reporter and editor. She grew up in San Diego and is a graduate of MIT and Columbia University.

Fasturn to Announce $40-Million Infusion

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