lucy activewear, inc. has closed a $20.3 million round of financing, with retailer Chico's FAS, Inc. joining existing investors Lone Pine Capital, Maveron LLC, Oak Investment Partners, and Sutter Hill Ventures in the series G financing. Chico's purchased $10 million of the series G convertible preferred stock financing round, and in connection with this investment, secured a seat on the lucy board of directors.

The women’s activewear retailer closed a $6.5 million round of financing by Lone Pine, Oak, Maveron, and Sutter Hill in November 2004, which they said would fund more than a dozen new stores in 2005.

lucy was first launched as an Internet pure-play in November 1999, but closed the Web site in 2001 after the Internet bubble burst. The company shifted its focus to open brick ‘n mortar stores in Washington, California, Colorado, Arizona, and Texas. lucy, which opened its first hometown Portland store in October 2004, now has 18 stores in six states and plans to open stores in Washington, DC this fall and in Chicago, IL in the early part of 2006. The Web site re-launched in October of last year.