US-based mobile commerce startup Spring has raised $7.5m in series A funding from a syndicate of 44 investors including Google Ventures and Groupe Arnault, TechCrunch reported yesterday.
Spring is headed by David Tisch, the managing partner of seed-stage venture fund BoxGroup and co-founder of accelerator TechStars NYC. The company has not publicly disclosed details of its product, but has revealed it is based on changing the way people buy things.
Sources have told TechCrunch that, ironically, Spring will likely launch its product in the autumn once exclusive partnerships have been agreed with big fashion and retail brands.
The round was co-led by Groupe Arnault, which is backed by luxury goods producer LVMH, Box Group and venture capital firm Thrive Capital.
Along with Google Ventures, internet company Google’s corporate venturing fund, other investors in the round included Lerer Hippeau Ventures, SV Angel and a range of private investors from both the technology and fashion sectors.
– Photo of David Tisch courtesy of LinkedIn