Notonthehighstreet.com secures £6m from Silicon Valley Bank
Startups Awards-winning website looking to "further its growth ambitions" having achieved turnover of £127m for 2014
Online lifestyle marketplace notonthehighstreet.com has received a £6m term loan from Silicon Valley Bank.
Founded in 2006 by Young Gun Holly Tucker MBE and co-founder Sophie Cornish, the Richmond-based business curates bespoke lifestyle products from more than 5,000 UK small businesses, offering a route to market for independent designers, retailers and makers.
The company, which took home a Startups Awards title in 2008, claims to have grown from a turnover just £134,000 in its launch year to an impressive £127m in 2014, and will use this latest funding to provide additional liquidity as it grows.
The website also has financial backing from Venrex Investment Management, Index Ventures, 83North, fidelity Growth Partners and Industry Ventures LLC.
Andy Botha, chief financial officer at Notonthehighstreet.com, commented: “Our business has continued to go from strength to strength and this financing will enable us to further our growth ambitions.
“We always aim to work with partners who truly understand our business model and the e-commerce sector in which we work. Silicon Valley Bank fulfils this aim by creatively supporting our financing needs and by understanding the demands of a modern business environment.”
Andrew Hunter, director at Silicon Valley Bank, added: “As one of the UK’s fastest growing e-commerce businesses, Notonthehighstreet.com has built a unique platform that engages small businesses in an innovative way.
“We are excited to provide this funding to enable the business to execute its next growth phase.”