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Me+Em smashes through crowdfunding target

Contemporary womenswear label Me+Em has raised £1.2m in a new crowdfunding campaign, exceeding its target of £700,000 with several days still to go.

The firm will use the funding, raised via Crowdcube, to invest in its online and mobile marketing to boost its customer conversion online and drive sales.

It was founded in 2009 by Claire Hornby, who started her career at Harrods before spending 15 years in advertising. She created sleepwear brand the Pyjama Room in 2007. Me+Em has two stores in central London and receives more than 125,000 monthly hits to its site.

Net sales grew 34% year on year to £5.3m in 2016, increasing to 56% in the last four months of the year. In January, the firm said it experienced a 110% increase in net sales compared to the previous year.

“Due to popular demand, we have exceeded our target and will be concluding the funding round early,” the firm said. It will close on 24 March.

Me+Em received backing from a group of investors including Sir Charles Dunstone, chairman and co-founder of Carphone Warehouse, and two venture capital firms, Pembroke Venture Capital Trust and Venrex Fund, in 2015.

The company raised £400,000 from its lead investors prior to launching on Crowdcube, which makes up 57% of the original £700,000 funding target.

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