VideDressing.com Raises $6 million in Series A funding from DN Capital, Earlybird and Piton Capital to accelerate growth
This round of financing will allow Videdressing to further accelerate its growth and increase its market share in France, reinforce its organization and develop the business internationally, beginning with the launch of an English version of the cult French fashion site.
Launched in December 2009 by American and French co-founders, Meryl Job and Renaud Guillerm, Videdressing.com combines the best aspects of an online marketplace with a highly merchandised, fashion savvy retail environment to offer customers a shopping experience with unparalleled range, curation and value for money. Meryl Job’s love of fashion and luxury brought her from New York to Paris where she worked as a product manager at Chanel before starting Videdressing. It was while trying to sell some of her own clothing and fashion accessories and finding no suitable sites on which to do so that she realized there was a clear need for a specialized site that could appeal to fashion lovers and where they would feel comfortable selling and purchasing pre-loved treasures.Over the last three years, the fashion peer-to-peer marketplace has experienced very strong organic growth in its home market of France with transaction volumes increasing fivefold during 2012. The catalogue counts nearly 400,000 items from over 1,700 of the most luxurious and trendiest brands and is growing at a rate of over 2,500 products per day. Women’s fashion represents the vast majority of the business but the site also offers men’s and children’s fashion. New or never worn products represent nearly 25% of the product offer.
Some of the key factors that set Videdressing apart from other marketplaces are:
- Extensive fashion expertise and qualitative editorial content,
- A vast catalogue full of covetable items from top French & International luxury and high-end brands,
- A strict anti-counterfeit policy and client protection,
- A focus on delivering an unparalleled level of customer service including guaranteed free returns
“We feel honored by the trust placed in Videdressing.com by the new investors who recognized how our business is changing the way people shop for – and resell – fashion. The new funding will enable us to continue to invest in strengthening and expanding our business so we can help more customers in France and beyond to find more covetable products at highly attractive prices. This latest round of financing marks the opening of a new chapter of our adventure for which we are very excited” says Meryl Job, co-founder and CEO of the company.
Andrin Bachmann, Partner at Piton Capital adds: “We have followed the team at Videdressing for a while and we are convinced that they have the platform and business model to win in this category. The organic growth of the business really speaks for itself – customers love what Videdressing is doing. We are excited to join with DN Capital, Earlybird and Generis Capital to help Meryl, Renaud and the team to build on that foundation.”
Videdressing is a social marketplace where a community of fashion lovers use the site to buy and sell their previously owned clothing and fashion accessories. Videdressing operates as a trusted third-party between buyers and sellers, securing all steps of the transactional process from payment to receipt of the merchandise in order to ensure complete customer satisfaction, prevent fraud and fight against the sale of counterfeit items.
ABOUT DN CAPITAL
DN Capital is a global early stage and growth capital investor in software, mobile applications, digital media and e-commerce companies with offices in London and Palo Alto. DN Capital’s objective is to identify, invest in and actively support its portfolio companies to become global leaders. Portfolio companies include Shazam Entertainment, Apsmart (sold to Thomson Reuters), Endeca Technologies (sold to Oracle), Datanomic (sold to Oracle), Eyeka, Performance Horizon, JacobsRimell (sold to Amdocs), Mister Spex, OLX (sold to Naspers), Airsense Wireless, MPME, Apsalar, Tbricks and windeln.de. The professionals at DN Capital bring over 50 years of private equity experience to their investments, and actively work with portfolio companies to steward their growth through the various stages of development. Additional information about the firm and its portfolio companies can be found at www.demianortega.com/dncapital.
Established in 1997 Earlybird currently manages over $700 million in assets. We’ve backed more than 80 companies, of which many have have sparked some of the most significant innovations in business and technology and resulted in large scale ($1bn+) IPOs and trade sales. Earlybird backs European companies with global ambitions and our active portfolio currently includes more than 20 companies across the consumer internet and enterprise services space such as B2X Care Solutions, Carpooling.com, Madvertise, Peak Games, 6Wunderkinder and , Socialbakers…
Further information is available at www.earlybird.com, follow us on Twitter: www.twitter.com/earlybirdvc, or LinkedIn www.linkedin.com/company/earlybird-venture-capital or become a friend on Facebook: www.facebook.com/EarlybirdVC.
ABOUT PITON CAPITAL
Piton Capital is a venture and growth capital firm based in London. It focuses on investments in online companies with strong network effects, such as marketplaces and exchanges. Its partners have previously been instrumental as investors in Betfair and QXL Ricardo amongst others. Current portfolio companies include DaWanda, bullionvault, fanduel and docplanner. For more information, please visit http://pitoncap.com.
ABOUT GENERIS CAPITAL
Generis Capital is a Paris based venture capital fund manager, focused on providing both equity and debt financing to growth companies. It offers innovative and pioneering financing solutions for both entrepreneurs and investors. It currently manages the fund “FIP Réseau Entreprendre” in partnership with the network of entrepreneurs “Réseau Entreprendre” of which Videdressing.com is a laureate. The partners at Generis Capital bring over 40 years of experience managing 90+ private equity investments since 1998 for a total amount of capital deployed over €380m. Additional information about the firm and its portfolio companies can be found at www.generiscapital.com.
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Contact : Rita Sebti