Miinto, a Denmark-headquartered online fashion marketplace operator backed by media group RTL Group, has secured €20m ($24.2m) in funding from unnamed returning investors.
Founded in 2009, Miinto runs an e-commerce platform catering to some 1,800 fashion boutiques and clothing brands based in its home country and six other markets: Belgium, the Netherlands, Norway, Poland, Sweden and Switzerland.
The funding will go towards international expansion for the company, which recently extended its business coverage to France, Germany, Italy, Spain and the UK, as well as improving its technology and product offering. It said it generated more than $160m in revenue in 2020.
Miinto had secured an eight-digit euro (€10m = $10.7m at contemporary rates) amount in November 2016 from Anders Holch Povlsen, owner and chief executive of Heartland, the holding group of fashion retailer Bestseller.
RTL’s corporate venturing arm, RTL Ventures, had provided $34.6m for Miinto in June 2016 as part of a round of undisclosed size that closed the following month with additional backing from Happy Investments, an investment vehicle for internet entrepreneur Laurens Groenendijk.
