Secret Sales raises €11.3 million
Online fashion marketplace Secret Sales has secured 10 million dollars in a Series B funding round. The capital injection will be used to accelerate expansion into Europe, with 12 new markets. By 2025, the platform wants to be the go-to destination for non-full price retail in all main European markets.
The outlet marketplace Secret Sales is based in the United Kingdom and has achieved rapid growth. In 2021, it raised 10 million euros to improve data mining capabilities and expand internationally. In April last year, the platform launched in Belgium and the Netherlands.
Inventory valued at 3 billion euros
Last year, the platform was able to reach a 70 percent growth in sales compared to the year before. This was a result of the company’s expansion. For this year, it wants to maintain a growth of 85 percent. According to the company, the current inventory of 25 million items are valued at 3 billion euros, an increase of 125 percent year-on-year.
Secret Sales wants to expand into 12 new markets.
Now, the platform has closed a second funding round of 10 million dollars. The funding will be used to improve its marketplace technology. This will fuel an expansion into 12 additional European markets. The company has not announced which markets it will expand into.
‘Confidence of investors is testament to results’
“With the current economic climate still uncertain, and the funding market particularly tricky to predict, we are extremely proud of our success in this Series B funding”, said Chris Griffins, CEO. “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.”
The funding round enables us to embark upon the next stage of our growth journey.
“The ongoing demand from brands and retailers looking for an upmarket, profitable, and sustainable way to sell non-full price inventory has accelerated and we are fast becoming the only real 360-degree solution. We are 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.”