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Miinto receives venture capitalist funding

Indie ecommerce portal Miinto has received $6m (£3.78m) of investment from venture capitalist firm Dawn Capital.

Miinto, which offers an online sales outlet for independent fashion retailers to expand their business online, was launched in the UK in April and features independent fashion retailers such as The Dressing Room, Pamela Shiffer and Psyche.

The funding from Dawn Capital was part of a Series A investment - a start-up businesses’ first significant round of venture funding - and will be used to accelerate the growth of the company in new markets and for further investment in new technologies.

As a result, managing partner at Dawn Capital Norman Fiore will join Miinto’s board.

“The agreement with Dawn prompts an even more aggressive development of our activities worldwide than initially contemplated,” said Morten Larsen, chief executive of Miinto.

“This was a very competitive process and we are delighted to have Dawn as our new partner given their track record in picking winners in European VC.”

Denmark-based Miinto now operates in seven countries in Europe and plans to open in several new markets later this year and into 2013.

The company expects to exceed €50m (£41.2m) in turnover this year.

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