Secret Sales secures €10 million in Series A funding
Secret Sales has secured €10 million in Series A funding from retail investors as it aims to become the largest non full price online marketplace for fashion and beauty worldwide.
The investment round was led by the family-backed private equity and growth capital investor Perwyn Growth Capital and supported by Belerion Capital, the ecommerce investment specialist and early stage investor in ASOS, The Hut Group and Boohoo.
Secret Sales will use the money to scale its ecommerce platform, expand its UK operation and launch in new territories. The funds will also enable the company to improve its data mining capabilities to optimise user experience on the platform.
Chris Griffin (pictured), chief executive of Secret Sales, said: “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. Following an exceptional first year, we are now ready to accelerate domestic and international operations, spearheading a new era for the discount sector.”
Secret Sales has grown by 4,000% since launching in March 2020 and is currently showcasing over 700 brands on its platform. It is due to go live in six further countries in the next year. Brands offered on the site include the likes of Dolce & Gabbana, Versace 19v69, G-Star Raw, Superdry, Ted Baker and Jigsaw and retailers such as YNAP, Harvey Nichols, JD Sports Group and F Hinds.
Matt Purt, co-owner of Secret Sales, added: “We are thrilled to have closed this funding round and to embark upon the next stage of our amazing journey. We are fast becoming the dominant platform that puts ‘brand’ first in the non full price space, providing brands and retailers with a route to market to sell overstock quickly and profitably every season, while preserving and growing rather than eroding brand equity.”
