Fashion platform Miinto receives €12 million
Miinto, an ecommerce fashion platform from Denmark, has received over 130 million Swedish kronor (12.2 million euros) from both existing and new investors. The company announced the news together with the fact that sales increased significantly. Miinto still isn’t profitable, though.
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Miinto was founded in 2009 and currently operates in Denmark, the Netherlands, Norway, Sweden, Poland, Belgium and Switzerland. The ecommerce fashion platform sold products for a total amount of around 94 million euros last fiscal year and expects a significant increase in sales during the current year, Ehandel writes.
Average order value doubled
The average order value has increased (from about 140 to 280 euros), but Miinto still won’t achieve profitability. This is mostly due to investment in both current and new markets, the company explains.
‘With this kind of money, comes great responsibility’
CEO and co-founder Konrad Kierklo sees the new investment money as proof that Miinto is on the right track. “The capital injection from Burda Principal Investments and Heartland emphasizes that Miinto’s investors are satisfied with the development and that they support our strategy. Our team has worked hard, but it has also been a great effort from all our partner stores and brands, who enabled us to achieve this result. We are fully aware that with this kind of money also comes a great responsibility and great demands, which we fully understand and respect.”