Lyst closes $40m Series C round to fuel global roll-out
Young Gun-founded fashion start-up takes its total funding to $60m
Fashion e-commerce platform Lyst has raised $40m in a Series C investment round from LVMH’s controlling shareholder (Groupe Arnault), Accel Partners, Balderton Capital, 14W, DFJ and a New York based hedge fund.
Launched in 2011 by Young Guns Chris Morton and Sebastjan Trepca, the London-based company helps fashion savvy consumers connect with more than 11,000 global designers, stores and brands. Shoppers can browse and buy from multiple retailers, paying from a single unified checkout, with an average basket value of $400.
The platform analyses 4.5 points of fashion data every hour – from product changes, user behaviour, sales and active browsing – to provide a highly personalised shopping experience and has partnered with many of the world’s leading fashion designers, including Acne, Burberry and Valentino.
The company has grown rapidly in the last three years and claims to have seen 300% year-on-year growth with total sales jumping from $40m in early 2014 to $150m today.
Its latest round of investment follows an impressive $14m Series B round last year, and will be used to support the global rollout of its technology, as well as the expansion of its teams in London and New York.
Lyst co-founder and CEO, Morton, commented: “This is an exciting time in our space and we are proud to be at the centre of it. Our model has grown exponentially in the USA and UK, and this round of funding allows us to take Lyst to fashion consumers around the world.
“We are already seeing a higher conversion by as much as five times through our universal cart – it’s widespread adoption by the industry’s leading brands and stores is a testament to the unique platform we have built and the volumes of sales it is generating.”