Financial services group Fidelity has led a $65m funding round for Spring, a US-based mobile commerce platform backed by internet and technology group Alphabet, Recode reported on Friday.
The round also featured Groupe Arnault, the investment firm that owns luxury goods producer LVMH, as well as venture capital firms Thrive Capital and Box Group.
Founded in 2013, Spring runs an app-based e-commerce business that sells more than 200,000 fashion, beauty and lifestyle products spanning more than 1,500 brands to a mainly millennial audience.
The company expects to exceed $100m of sales in 2017, chief executive Alan Tisch told Recode, adding that customers spend an average of $150 for each order.
Spring has now raised $97.5m in total, having received $25m in a 2015 series B round featuring GV, the Alphabet subsidiary then known as Google Ventures, as well as Groupe Arnault and Thrive Capital.
Google Ventures had also participated in Spring’s $7.5m series A round the year before, which was co-led by Groupe Arnault, Thrive Capital and Box Group.