Fashion outlet Otrium raises €24 million
Otrium, an online fashion outlet platform from the Netherlands, has raised 24 million euros. This happened during a series B round, led by Eight Roads Ventures and current investor Index Ventures. With the money, Otrium wants to further expand its platform.
Index Ventures is a well-known investor in the online fashion retail industry. It previously invested in popular ecommerce companies such as Asos, Net-a-porter and Farfetch. Eight Roads Ventures on the other hand invested in major ecommerce players like Alibaba and Made.com.
Fashion brands sell their excess inventory
Otrium is only a few years old and has now raised a total of 33 million euros. The idea behind the startup is that fashion brands can still earn money by selling excess inventory. Through the online platform consumers get access to the leftover stock of upcoming and well-known fashion brands.
Connected brands gain insight into the sales process, while Otrium offers smart pricing tools to stimulate sales of the clothing and accessories. In addition, the platform also takes care of all storage and shipping for the affiliated fashion brands.
Otrium takes care of the storage and shipping.
1 million shopping members
Otrium was founded by Max Klijnstra and Milan Daniels in 2016. The two entrepreneurs were selected for Forbes’ 30 under 30 list of Best Entrepreneurs. The online platform established partnerships with fashion brands such as G-Star, Asics, Puma and Scotch & Soda. It claims having a community of over 1 million shopping members. Otrium currently delivers to the Netherlands, Belgium, Germany, France, the United Kingdom, Denmark and Poland.