Index Ventures, eVenture Capital Partners and existing investors Advent Venture Partners have led an $18m funding round for London-based farfetch.com, a global marketplace for independent fashion boutiques.
The company previously secured $6m of financing from Advent, bringing its total of equity investments to almost $25m.
The new round of funding will enable the company to expand its operational presence in its existing markets across Europe and North America, while implementing strategic growth efforts into new markets in the US, Brazil and Asia, it said.
The company also plans to open an additional office in New York this year, which will sit alongside an LA office and will further expand its 34 boutique partners, Advent said. The company currently represents more than 200 boutique locations worldwide in 12 countries.
Farfetch.com acts as a boutique network specialising in fashion merchandise by designer brands, both established and emerging labels, and offers a choice of over 35,000 products.
Since its launch in late 2008, farfetch.com has experienced annual sales growth rate of 204 per cent. The company has more than 56,000 customers in 100 countries, with 50 per cent of sales delivered to emerging and new markets.
Robin Klein, a partner at Index Ventures, said, “We strongly believe that the model of farfetch.com is one that will continue to grow and expand globally, and attract a very engaged and loyal base of fashion connoisseurs across markets. It is not only unique, but it is exceptional as well, both in terms of its offerings as well as its management. With [founder] Jose Neves and a great team of talent at the helm, 2012 will be another breakout year for farfetch.com.”
The fund will make equity investments in fast-growing companies, providing not only additional capital for investment, but also access to the firm’s international platform to enable growth. It will also enable companies expand abroad.
Copyright © 2012 AltAssets
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