UK-based online high fashion retailer Farfetch secured £11.75m ($18m) in financing on Monday from investors including eVenture Capital Partners, a venture capital (VC) firm counting e-commerce corporation the Otto Group as a significant investor.
Also participating in the round were VC firms Index Ventures and Advent Venture Partners, the latter having previously invested $6m in Farfetch.
Farfetch runs an online retail portal supported by the collections of 110 European and North American boutiques and fashion houses and 60 in Brazil. The site currently boasts a 208% annual growth rate and has served customers in more than 100 countries.
The financing will be used by Farfetch to further its growth into new markets in the US, Brazil and Asia, while also consolidating its presence in existing markets across Europe. Farfetch estimates that 50% of its revenue comes from new and emerging markets.
José Neves, chief executive officer of Farfetch.com, said: "Farfetch.com is growing extremely fast, and now has a strong international presence, aggregating an unrivalled product selection from boutiques in 12 different countries. We felt it was the right time to scale up our team and operations and seize some fantastic opportunities we have in our core business in Europe and beyond in the US and Brazil and Asia."
In conjunction with the funding, Robin Klein, venture partner at Index Ventures, and Frederic Court, general partner at Advent Venture Partners, are joining Farfetch’s board of directors.