Designer flash sale site closes new VC deal

A £4.5 million venture capital funding round has been closed by, as the business looks to ramp up customer acquisition.

Partech Ventures‘ has closed a deal through its new Partech VI fund alongside French investor 123Venture and Doughty Hanson.

As a flash sales e-commerce site aimed at fashion, accessories and footwear, now has 3.2 million users and 650 brands listed.

Growth for the business during 2013 meant a rise of 70 per cent in net sales, and the new funding will be used to integrate new customer acquisition and retention methods as well as building out its infrastructure and technology platform.

As well as achieving net sales growth during 2013, was also named as one of the Future Fifty high-growth technology companies which are being given tailored support in line with targeting a public market listing.

Nish Kukadia, CEO of, comments, ‘We are delighted to welcome Partech VI and 123Venture as new investors and pleased that our existing shareholders continue to demonstrate their support and commitment through their participation in this latest funding round.’

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Alongside his fellow co-founder and brother Sach, Kukadia has also participated in the funding round.

Back in February 2012, closed a £6.3 million transaction involving Doughty Hanson, Pentech Ventures and the Partech-managed OCP Innovation Fund. The fundraising was made to expand specifically in the UK.

According to the start-up, its mobile platform is generating 29 per cent of sales while 26 per cent are originating from tablet devices.

Partech Ventures managing partner Philippe Collombel says, ‘Globally, the flash sales market has undergone a revolution where the stronger, data-driven businesses are starting to successfully emerge.

‘We have been consistently impressed by’s performance and see an opportunity to grow a stand-out British business in this space.’

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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