Outfittery closes $22 million funding round
The backing has come from London and New York-based VC firm Octopus Ventures, which is leading the round, as well as the Italian based U-Start Club. Existing investors Northzone Capital, Highland Europe, Holtzbrinck Ventures and Mangrove Capital Partners have also joined the round.
Germany based Outfittery uses a combination of personal advice through stylists and technology to offer an individual service to every client. The new funds will mainly be invested in developing its products and further growth.
Rebecca Hunt of Octopus Ventures said: “The business fits well with our goal of investing in the fastest growing companies from across Europe from the very earliest stages of company formation through to the later stages of growth and expansion.”
Stefano Guidotti, chief executive of U-Start, added: “The future of fashion retail lies in a highly qualitative, individualised and relevant offering for the client. We are convinced that Outfittery has found the right way to bring exactly this service and quality back into retail, particularly e-commerce, and that through this they have found the right way to give men access to fashion in a sleek, frictionless way.”
Outfittery was founded by Anna Alex and managing director Julia Boesch in 2012 and now has 400,000 clients in eight countries.
Boesch said: “This latest financing round affirms that we’re on the right track and we’re very proud to have both Octopus Ventures and U-Start Club involved. With their support, we can now expand our market leadership position in curated shopping and further improve the service experience for our clients.”
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