Secret Sales raises €10m in new expansion funding
It seems 4,000% growth in a year isn’t quite enough. So fashion and beauty online discounter Secret Sales wants yet more growth to ensure it remains at the forefront of the booming sector.
To that end, the business has secured €10 million (£8.5 million) in Series A funding. It comes a year after being acquired by retail entrepreneurs Chris Griffin and Matt Purt.
Secret Sales said it would use the money to scale its e-commerce platform and expand its operations in the UK and overseas. The business is also planning to launch into new territories this year and “bring on board hundreds more brands and retailers”, it said.
The company, which currently offers 700 brands on its platform, is due to go live in six more countries in the next year.
“Following an exceptional first year, we are now ready to accelerate domestic and international operations, spearheading a new era for the discount sector”, CEO Griffin added.
“Our Series A funding round from experienced investors validates the significant opportunity for Secret Sales’ business model worldwide, and will allow us to meet increasing demand from brands and retailers looking for an upmarket, profitable and sustainable way to sell non-full-price inventory”, he added.
The funding round was led by private equity and growth capital investor Perwyn Growth Capital and supported by Belerion Capital, the e-commerce investment specialist and early-stage investor in ASOS, The Hut Group and Boohoo.
Ravi Sharma, partner at Perwyn, added: “We have been extremely impressed by what the management team has built to date and look forward to the coming years as we look to scale the business further”.
Iain McDonald, founder at Belerion Capital, also said: “Secret Sales is revolutionising the way brands deal with excess stock through a technology-driven, capital light model. We are very happy to support the team as the business begins its next stage of growth.”
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