Stylistpick.com, a subscription-based ‘fast fashion’ brand, has closed an $11m Series B round of funding from the pan-European venture capital arm of financial services major Fidelity, with existing investors Accel Partners and Index Ventures also participating.
Fidelity Growth Partners Europe (FGPE) led this latest round of funding, which will be used to accelerate the growth of the business in the UK and to expand into new markets.
Stylistpick has attracted more than 600,000 members since it launched a little over a year ago and saw quarter-on-quarter revenue triple in the final quarter of 2011.
Launched in November 2010, Stylistpick received an initial $8m in Series A funding from Accel Partners and Index Ventures in April last year. During the third quarter of 2011 the company also announced a collaboration with celebrity Cheryl Cole, who serves as the company’s ambassador and designs her own Stylistpick collections available on the site.
FGPE partner Davor Hebel said, “We are excited to back Felix and his team on their quest to offer affordable, personalised fashion to customers across Europe. The traction they have achieved in their first year of operation clearly demonstrates the strength of the consumer demand in the market and the quality of their product. We believe Stylistpick will become another great European ecommerce success story.”
In October last year the firm also led a £3.5m Series B investment round for Wahanda, the UK online health and beauty marketplace.
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