Online retailer Not On The High Street has landed £21 million in investment funding as part of moves to expand its market in the UK and abroad.
The funds will be used to further invest in the technology, innovation, marketing and operations of the website.
This includes building its gifting offer, expanding categories and developing the customer experience both online and offline.
The funding was led by Hubert Burda Media, one of Europe‘s leading media and technology companies, with additional support from existing investors including Index Ventures, Industry Ventures and Eight Roads Ventures.
“Notonthehighstreet.com was born out of the belief that customers want products that are more thoughtful, unique and personal and that, through technology, we could connect thousands of independent businesses – the makers of these great products – with customers around the world,” chief executive Simon Belsham said.
“This purpose remains even more relevant today in a world where customers are craving something more than the ubiquity of the mass market.
“Finding an investor that shared our vision and could provide strategic support, as well as new funds to support our multi year growth plan, was key.”
Not On The High Street has a 5000 strong – and growing – partner (seller) community that connects with more customers and scale their businesses using the website‘s technology platform.
The investment coincides with the online retailer reporting narrowing losses and sales growth of 19 per cent for the 12 months to March 31.