Trouva, an online marketplace for independent bricks-and-mortar boutiques, has raised £17m in further investment to accelerate international expansion.
The funding was led by venture capital companies Octopus Ventures, alongside C4 Ventures and Downing Ventures, with investment firms BGF and LocalGlobe also participating in the round.
Launched in London in September 2015 and co-founded by Alex Loizou, Mandeep Singh and Glen Walker, Trouva debuted at number three on the Startups 100 Index 2019 earlier this year.
The business expanded internationally for the first time in June 2018 with the launch of 20 Berlin boutiques. It has since grown and now offers more than 200,000 products from around 800 independents in more than 300 towns and cities, including Paris, Lisbon, Rome and Barcelona. Today, 40% of Trouva’s retailer network is made up of stores outside the UK, across 12 European countries.
As well as continuing to build its network of independent boutiques, Trouva will launch a German website.
Trouva has also appointed Juliet Warkentin as chief marketing officer. Warkentin was previously director of marketing at Amazon Fashion Europe. Before that she was editorial director at publishing group Redwood and content director at WGSN. She was previously editor-in-chief at Drapers and Marie Claire.
Mandeep Singh, co-founder at Trouva, said: “At Trouva, we envision a world where beautiful offline inventory is easily available to all. Over the last 12 months we’ve taken important steps in achieving this by further extending our platform to the greatest independents across Europe and nearly doubling our network of retailers, with top boutiques achieving hundreds of thousands of pounds of sales through Trouva.com.
“We will be using this latest investment to grow international demand and are excited to officially launch in Germany as we start to broaden our customer base and expand into new European markets. As we continue to scale rapidly, we will also continue to build a world-class team with this funding round. We’re thrilled to bring Juliet onboard as CMO with her experience of developing and managing high-profile brands.”