London-based online flash sale site for fashion, secretsales.com, has raised 4.5 million pounds of new investment from Partech Ventures' new flagship fund and French private equity firm 123 Venture in its third funding round.
Co-founders brothers Nish Kukadia and Sach Kukadia, key managers and investors Pentech and Doughty Hanson also participated in this funding round. The company plans on using the money from the investment to help implemented new customer retention initiatives and grow its infrastructure and technology platform to further support its expanding business.
Nish Kukadia, chief executive officer of secretsales.com, said: “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. We are really excited to now focus on the next stage of our ambitious growth plans for secretsales.com.”
Philippe Collombel, Managing Partner of Partech Ventures, added: “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 secretsales.com’s performance and see an opportunity to grow a stand-out British business in this space.”
Last year secretsales.com reported 70 percent net sales growth, with over 3.2 million registered members and a portfolio consisting of 650 brands.