Internet and technology conglomerate Alphabet has exited US-based online fashion retail platform Spring in an acquisition of undisclosed size by e-commerce network Shoprunner.
Spring runs an online marketplace for fashion items, selling clothes from more than 2,000 brands altogether. Post-acquisition, its customers will be able to access Shoprunner’s network, which offers a range of goods from more than 100 retail partners, through the platform.
The company had raised $97.5m in funding, with Alphabet unit GV first investing as part of a $7.5m series A round in 2014 that included investment holding group Groupe Arnault and more than 40 additional investors.
GV, Groupe Arnault and VC firm Thrive Capital all backed a $25m series B round the following year, before Spring secured $65m in a May 2017 round led by investment and financial services group Fidelity that included Groupe Arnault, Thrive Capital and Box Group.
Shoprunner disclosed the acquisition alongside a $40m funding round that was led by a $30m investment from venture capital firm August Capital.
Sam Yagan, ShopRunner’s CEO, said: We have committed to catalyse a cross-retailer ecosystem to provide better shopping experiences for customers and provide retailers with opportunities to aggregate scale, acquire and retain customers, and otherwise grow their businesses.
“Spring expands both the retailer and member sides of our network and brings on board a team with unparalleled expertise in building innovative mobile commerce experiences.”
