// Secret Sales eyes further European expansion following $10m raised in Series B funding
// The marketplace will use the funds to “elevate its unique marketplace technology”
Secret Sales has successfully raised $10m in funding as it looks to accelerate its journey towards becoming Europe’s largest marketplace for non-full-price fashion.
The premium non-full price marketplace will use the funds “to elevate its unique marketplace technology”, which, as of February, has cultivated an inventory of 25 million items with a combined value of £3 billion – up 125% year-on-year.
The business hopes that “this elevation will fuel the company’s ambitious international strategy, acting as a catalyst for it to establish itself as the go-to destination for non-full price retail in all main European markets by 2025.”
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The recent launches of the business in Belgium and the Netherlands have already resulted in impressive growth, accounting for 1,129 new brands and over £400 million in live inventory in less than a year.
By placing its focus on 12 additional European territories, Secret Sales is looking to replicate this success with each new expansion.
The announcement comes two years after its first round of funding, which raised €10m back in June 2021.
Investors included Perwyn, the European private equity investor; Belerion Capital, the e-commerce investment specialist and early-stage investor in Asos, The Hut Group and Boohoo; and Big Ideas Group, the team of innovators seeking investments in exciting, growth-stage companies.
Chief executive Chris Griffin said: “With the current economic climate still uncertain, and the funding market particularly tricky to predict, we are extremely proud of our success in this Series B funding.
“The confidence of our existing investors is testament to the incredible results we have achieved during this past year, showing that there is significant reason and opportunity to invest in the Secret Sales business model worldwide.
“The ongoing demand from brands and retailers looking for an upmarket, profitable, and sustainable way to sell non-full price inventory has accelerated and we are fast becoming the only real 360-degree solution. We’re thrilled to have closed this funding round as it enables us to embark upon the next stage of our growth journey and create a more sustainable future for fashion.”
Iain McDonald, founder of Belerion Capital Group, and non-executive director at Boohoo and The Hut Group, said “Belerion is delighted to back Secret Sales in its most recent funding round. Chris and the team continue to scale the business very impressively and, in so doing, are transforming the way brands clear excess inventory. This latest funding round will allow an accelerated international roll out. We are very happy to increase our shareholding in the business and look forward to further success.”
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