Dolls Kill, a Los Angeles-based fashion brand and retailer, raised $40 million in Series B funding led by Sequoia Capital.

Why it matters: This is Hot Topic for digital natives, leveraging social media comments to find its models and focusing on sub-cultures that often congregate online.

Details: No official word on valuation, but a source puts it in the $400 million range. Dolls Kill previously raised around $20 million from groups like Maveron, Lewis Trust Group, and Angel Capital Management.

The bottom line: "I was a customer before investing... Dolls Kill isn't about being trendy. It's about expressing your authentic self above all else. This idea of has more widespread appeal than one may think, especially among younger generations who value individuality and authenticity above conformity and perfection." — Amy Sun, Sequoia Capital

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