Plus-size womenswear etailer Navabi is setting its sights on UK growth with a €25m (£19.1m) investment led by Bauer Venture Partners.
The funding round was led by Bauer and included Germany-based Navabi’s previous investors Index Ventures, Seventure Partners, DuMont Venture and Klaus Wecken.
The round comprises a cash investment and advertising budget with Bauer Media, which publishes magazines such as Grazia in the UK. The funding will be used to develop Navabi’s product offer, including its own labels, which already account for a quarter of the company’s sales, as well as for international expansion.
Navabi was launched by Zahir Denhnadi and Bahman Nedaei in 2009 and says 30% of its revenue comes from international sales, including the UK. It trades in more than 30 countries and has an office in London. The site offers brands including Elomi, Gerry Weber, Gina Bacconi, NYDJ and Passport. Plus-size model Ashley Graham has designed a lingerie collection for Navabi.
Navabi joint co-founder Zahir Dehnadi said: “The premium plus-size market is the biggest untapped ecommerce sector and has the fastest growth rates in fashion. We are the pioneers and leaders in this market. We have grown rapidly over the past six years and have built an insanely passionate company. This latest fund will enable us to continue our mission of providing plus size women with the quality fashion they desire but the industry to date has largely failed to deliver.”
Bahman Nedaei, co-founder of Navabi, said: “Bauer has great connections to female consumers and this deal will help us to expand and develop our offering, while reaching millions of potential new customers.”
This latest fund follows a €10m (£7.6m) funding round led by Index Ventures in 2013.