Luxury Closet, the United Arab Emirates-based online premium fashion retailer backed by life insurance firm EquiTrust, has added an undisclosed amount of funding to close a growth round at $11m.
The second tranche was led by venture capital fund Knuru Capital and also featured VC firms Middle East Venture Partners (MEVP) and Wamda Capital, while MEVP’s other seed fund, MEVF I, sold some of its existing shares in the transaction.
Founded in 2011, Luxury Closet sells new and pre-owned luxury goods in markets across the world through an e-commerce platform. The capital will support its expansion in markets including Hong Kong, following its purchase of Guiltless, an online luxury goods retailer based in the region.
EquiTrust backed Luxury Closet in an $8.7m series C round in July 2018 alongside MEVP, Precinct Partners, Tech Invest Com and Wamda Capital that followed $7.8m series B round from unnamed investors in 2016.
MEVP had joined MENA Venture Investments, Dubai Silicon Oasis Authority and Twofour54, part of the emirate of Abu Dhabi’s Media Zone Authority, to provide $2.2m of series A capital for the company the year before.