British discount fashion marketplace Secret Sales has secured 10 million euros in Series A funding which it says it will use to expand its UK operation and launch in new territories in 2021.
The investment round was led by family-backed private equity investor Perwyn Growth Capital and supported by e-commerce investment specialist Belerion Capital, which was an early investor in fashion giants Asos, The Hut Group and Boohoo.
The company said the investment brings it one step closer to its goal of becoming “the largest non-full price online marketplace for fashion and beauty worldwide”.
Secret Sales eyes international expansion
The company said it will use the money to advance its technological development, scale its e-commerce platform, as well as to expand its UK operation and launch in six new countries later this year.
Secret Sales said the funding will also allow it to improve its data mining capabilities to “optimise user experience on the platform, which in turn will increase sales and customer engagement for its brand and retail partners”.
It comes amid a strong period of growth for Secret Sales since it was acquired in March 2020 by retail entrepreneurs Chris Griffin and Matt Purt and transformed from a flash sales website to an e-commerce marketplace.
The company’s revenue has grown by 4,000 percent since then and it now showcases over 700 brands on its platform.
“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,” said CEO Chris Griffin in a statement.
“Following an exceptional first year, we are now ready to accelerate domestic and international operations, spearheading a new era for the discount sector.”