The success is no accident, according to Ted Hollifield, the Silicon Valley Dorsey & Whitney partner who represents the online diaper retailer.
Hollifield just helped close the Series E round, which was led by New Enterprise Associates and closed on Oct. 21. NEA was represented by Wilson Sonsini. Bessamer Ventures, which was also in on the deal brought in its lawyers from King & Spaulding. We assume that there was a lot of document changing going on.
The Diapers.com founders, Marc Lore and Vinit Bhara, who have their cute little baby pictures on the company's Web site, came to Hollifield through a referral from another Dorsey partner. Hollifield said he had an open mind and was quickly convinced. After all, as an MBA student Hollifield had come up with what he thought was a fail-proof Internet business plan: adult diapers, since no one wants to be seen in the store buying those.
Hollifield says venture capitalists were eager to invest: the latest round of financing took just 25 days from start to finish, about one-third of the normal time.
Although Hollifield has no kids to order diapers for, his paralegal is a devoted customer, he said. Hollifield said that he likes working with the company's founders ... who aren't ones to make rash decisions
— Zusha Elinson