Online retail giant The Hut Group has penned a deal to sell a £125 million stake, bringing its value to £2.5 billion.
The tech start-up behind My Protein and online marketplace Zavvi has completed its latest round of funding selling a significant stake to asset management group Old Mutual Global Investors, according to Sky News.
The latest multi-billion valuation comes just two years after the group’s previous fundraising push, which valued the company at just under £1 billion.
Although it is thought to be unlikely the group will confirm the £2.5 billion figure, sources close to the company confirmed its accuracy.
It currently employs over 3000 staff, with ambitions to see this figure double by 2019 alongside a 50 per cent increase in sales to £750 million this year.
This follows a recent spate of acquisitions and investments from the retailer, buying up technology providers such as UK-2 in May and investing what is likely to top £400 million by the end of the year on technology projects.