SECRETSALES.com, the UK’s largest and fastest growing flash sales website for fashion, accessories, footwear and lifestyle products, has raised £4.5 million of new investment from Partech Ventures’ new flagship Partech VI fund and French private equity firm 123Venture as well as existing investors Pentech and Doughty Hanson. The co-founders and key managers also participated in this funding.
The Company will use this third round of investment to accelerate its strategic priorities, including the implementation of new, sophisticated customer acquisition and retention initiatives and the bolstering of the infrastructure and technology platform to support the rapid growth in the business.
Having achieved 70% net sales growth in 2013, SECRETSALES.com is now the UK’s leading fashion flash sales business, with 3.2 million registered members and a portfolio of 650 brands. The Company’s mobile platform is a core strength and differentiator, with 29% of total sales made via smartphones and a further 26% from tablet devices.
Recently, SECRETSALES.com hosted sales of Christian Louboutin shoes, Gucci sunglasses, Alessi home ware, Victoria Beckham Denim and vintage Chanel handbags.
In December 2013, SECRETSALES.com was named as one of the ‘Future Fifty’ most exciting high-growth digital businesses, as nominated by Downing Street and TechCityUK.
Nish Kukadia, CEO 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, said:
“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.”
Olivier Goy, Managing Partner of 123Venture, said:
“Over the last two years the SECRETSALES.com management team has demonstrated their ability to execute exceptionally well, improving both financial and operational ratios. We are very excited to be part of this next phase of growth for the Company.”
About Partech Ventures
Partech Ventures is an investor specialised in high-growth-potential internet and information technology companies.
The Partech Ventures team benefits from a long-standing track record in the American and European Venture Capital markets. The team has a strong experience in the international development of companies. Partech Ventures is the winner of the "Les Echos" Best Venture Capital team prize thanks to the multiple sales of portfolio companies to industry leaders.
This investment strategy has been successfully applied for over 30 years and a large number of portfolio companies have successfully executed their IPO or have been acquired by strategic players, including: Akimbi Systems (VMW), Alvarion (ALVR), Apsylog (PRGN), Ascend Communications (ASND), Brands4Friends (EBAY), Buongiorno (BNG.MI), Business Objects (BOBJ), Cadence Design (CDNS), Cartesis (SAP), DailyMotion (ORANGE), DCT (SYMC), DiBcom (PARROT), Digital Island (ISLD), Digitick (VIVENDI), Fluxus (BT), Informatica (INFA), Inquira (ORCL), Invensense (INVN), ISDnet (CW), Jobpartners (TALEO), Jungo (NNDS), Meiosys (IBM), Pentasafe (NTIQ), Q-layer (ORCL), Quinstreet (QNST), Qype (YELP), Teknovus (BRCM), Verifone (PAY), Vignette (VIGN) et Visicu (EICU). For more information, please visit: www.partechventures.com.
About 123 Venture
123Venture is a leading Private Equity firm based in Paris and dedicated to individual investors with €1.1 billion Assets Under Management (AUM). 123Venture invests in venture capital, growth capital, mezzanine, LBO, renewable energy and real estate. 123Venture has more than 240 investments in 9 countries.
For more information, please visit: www.123venture.com.