US-based premium e-commerce platform Verishop has secured $12.5m in pre-series B funding from investors including property developer Simon and Rakuten Ventures, on behalf of e-commerce firm Rakuten, Business Insider has reported.
Venture capital firms Lightspeed Venture Partners and Madrona Venture Group also contributed to the round, which valued Verishop at $100m, a source familiar with the company told Business Insider.
Verishop runs an online platform where customers can access fashion, beauty and home goods from sellers verified by the company. The startup avoids third-party sellers and offers free returns and one-day delivery.
Lightspeed Venture Partners led Verishop’s $17.5m series A round in November 2018, investing together with friends and family of Verishop founder and CEO Imran Khan. Prior to founding the company, Khan was chief strategy officer for messaging platform developer Snap.
