British technology firm Anatwine has closed a new $12m (£8.5m) funding round and will use the money to accelerate its global expansion.
As part of the round, German etailer Zalando has increased its minority shareholding in Anatwine. Zalando initially acquired a 20% stake in the business for a seven-figure sum in May last year.
Further details on the most recent round of investment have not been disclosed.
Anatwine was founded in 2013 by Chris Griffin to help retailers and brands to collaboratively increase customer loyalty, revenue and profits. Its clients include Zalando, House of Fraser, Adidas, Next and Supergroup.
The Cheltenham-based firm’s like-for-like sales grew 44% between March 16 and April 16. It opened an office in New York three months ago, and now employs 130 people in total.
Sir Terence Leahy, former chief executive of Tesco and non-executive director of Anatwine, said: “Anatwine is transforming the fashion, apparel and sports wear retail model across the world and the latest funding is testament to that. The work that Anatwine is doing is truly phenomenal when you look at the way they are helping brands and retailers to forecast increases in revenue of hundreds of millions of pounds.
“The latest funding will allow Anatwine to accelerate this initiative even further and expand the capabilities of its already innovative platform and the technical capabilities it is able to offer the online fashion industry.”
David Schneider, co-founder and co-CEO of Zalando, added: “We’ve been working closely with Anatwine for several years already. The increase in our shareholding highlights once again our trust and belief in the strength of the Anatwine team and its technical capabilities.
“Our joint vision is to enable the digital business strategy of brand partners, to connect all the stock available and to create a relevant experience for customers. The deepening of our strategic partnership will see both our companies accelerate their individual growth strategies.”