Secret Sales secures $10m in a funding round led by Asos and THG investor

Secret Sales has raised $10m in Series B funding as it aims to become “Europe’s largest marketplace for non-full price fashion”.

The news follows the first round of funding, which saw Secret Sales raise €10m in June 2021. Now, the same group of investors is joining the second round.

The Series B round was led by Perwyn, the European private equity investor; Belerion Capital, the e-commerce investment specialist and early-stage investor in Asos, The Hut Group and Boohoo; and Big Ideas Group, the team of innovators seeking investments in exciting, growth-stage companies.

Premium non-full-price marketplace will pour the funds into its technology, which has cultivated an inventory of 25 million items with a combined value of £3 billion – an increase of 125% year-on-year.

The aim is to establish the retailer as “the go-to destination for non-full price retail in all main European markets by 2025”.

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According to the firm, the launch of the business in Belgium and the Netherlands has already yielded results, accounting for 1,129 new brands and over £400 million in live inventory.

In 2022, its revenues skyrocketed 70%, making Secret Sales “one of Europe’s fastest growing fashion ecommerce platforms”.

Now, Secret Sales is eyeing 12 additional European territories, hoping to repeat its success in select locations.

Chief executive Chris Griffins said: “With the current economic climate still uncertain, and the funding market particularly tricky to predict, we are extremely proud of our success in this Series B funding.

“The confidence of our existing investors is testament to the incredible results we have achieved during this past year, showing that there is significant reason and opportunity to invest in the Secret Sales business model worldwide.

“The ongoing demand from brands and retailers looking for an upmarket, profitable, and sustainable way to sell non-full price inventory has accelerated and we are fast becoming the only real 360-degree solution. We’re thrilled to have closed this funding round as it enables us to embark upon the next stage of our growth journey and create a more sustainable future for fashion.”

Iain McDonald, founder of Belerion Capital Group, and non-executive director at Boohoo and The Hut Group, said: “Belerion is delighted to back Secret Sales in its most recent funding round. Chris and the team continue to scale the business very impressively and, in so doing, are transforming the way brands clear excess inventory.

“This latest funding round will allow an accelerated international roll out. We are very happy to increase our shareholding in the business and look forward to further success.”

Secret Sales had previously partnered with Asos, allowing consumers to shop from an initial selection of up to 1,000 products of Asos-owned brands.



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