Lyst secures $14 million in second round funding
Fashion e-commerce platform Lyst has announced it raised $14 million in a Series B round led by venture capital firm Balderton Capital, an early investor in luxury online retailer, Yoox. Additional financing came from DFJ Esprit and Accel Partners as well as angel investors Carmen Busquets (founding investor in Net-A-Porter), Paul Forster and John Lindfors.
Generating over $60 million on online sales annually, Lyst is online fashion market place which enables over 2 million customers to aggregate inventory from their favorite stores and brands in one place. Since launching in 2010, Lyst has racked up partnerships with big fashion names such as Saks, Burberry, Net-A-Porter and J. Crew.
Currently, 70% of all Lyst users are based in the United States. With the investment, the company is looking to push forward with its internationalization plan by reinforcing its London team, after being named as one of the fastest growing companies in the UK by the British government.
“We’re thrilled to have Balderton join us on our journey.” says Chris Morton, Lyst CEO and cofounder, “2013 was an amazing year for us, particularly as we launched fashion’s first universal shopping cart, which is revolutionising the space by enabling shoppers to check out from multiple brands and stores in a single step on site. We’re excited to have such a stellar group of European investors - DFJ Esprit, Accel and Balderton - with strong US ties to help take Lyst to the next level.”
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