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Secret Sales sets sights on European expansion following new $10 million funding

Secret Sales has raised $10 million in new funding from a syndicate of investors as it looks ahead to accelerating its expansion in Europe. The marketplace… View Article

FASHION RETAIL NEWS UK

Secret Sales sets sights on European expansion following new $10 million funding

Secret Sales has raised $10 million in new funding from a syndicate of investors as it looks ahead to accelerating its expansion in Europe.

The marketplace for fashion, sportswear and beauty brands has secured the funds from the same group of investors who led the company’s previous funding round in 2021. These include Perwyn, a European private equity investor, and Belerion Capital, an ecommerce investment specialist and early-stage investor in Asos, The Hut Group and Boohoo. There was also participation from Big Ideas Group, a team that invests in growth-stage companies.

Secret Sales said it will use the funds to elevate its marketplace technology, which in February had an inventory of 25 million items with a combined value of £3 billion.

The company is working to establish itself as the go-to destination for non-full price retail in European markets by 2025.

Chris Griffins, chief executive of Secret Sales, said: “The confidence of our existing investors is testament to the incredible results we have achieved during this past year, showing that there is significant reason and opportunity to invest in the Secret Sales business model worldwide.

“We’re thrilled to have closed this funding round as it enables us to embark upon the next stage of our growth journey and create a more sustainable future for fashion.”

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