Growth of 4,000% in one year does not seem to be enough. As a result, Secret Sales, an online fashion and beauty discounter, wants to continue to grow to stay at the forefront of the booming industry.
To this end, the company has secured € 10million (£ 8.5million) in Series A funding. It has been a year since it was acquired by retail entrepreneurs Chris Griffin and Matt Part. .
Secret Sales said it would use the funds to expand its e-commerce platform and expand its operations in the UK and overseas. The company also said it plans to enter new territory this year and “involve hundreds of additional brands and retailers.”
Currently offering 700 brands on the platform, the company plans to operate in six more countries next year.
“After an exceptional first year, we are now ready to accelerate our domestic and international operations, ushering in a new era in the discount industry,” added CEO Griffin.
“A Series A fundraising round by experienced investors examines key opportunities in secret sale business models around the world and provides a premium, profitable and sustainable way to sell unlisted stocks. We will be able to meet the growing demand for the brands and retailers we are looking for. “, He added.
The roundtable was led by Perwyn Growth Capital, a private equity and growth capital investor, and backed by Belerion Capital, an e-commerce investment specialist and an early investor in ASOS. Refuge group And Bouhou.
Perwyn’s partner Ravi Sharma said: “I am very impressed with what management has built so far and look forward to the next few years to further develop their business.
Iain McDonald, Founder of Belerion Capital, said, “Secret Sales is revolutionizing the way brands manage excess inventory through a technology-driven, lightweight capital model. We are excited to be able to support the team as the company enters its next phase of growth. ”
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Secret Sales raises 10 million euros with new expansion funds
Source link Secret Sales raises 10 million euros with new expansion funds