Fashion e-commerce site Lyst nabs $14M in Series B round led by Balderton Capital
Lyst was able to get $14 million in a Series B funding round. The financing was led by venture capital firm Balderton Capital and participated in by DFJ Esprit and Accel Partners. Indeed.com Co-Founder Paul Forster and DST Investment Management Managing Partner John Lindfors also joined the funding round.
Lyst is a fashion e-commerce platform launched in 2010. It partners with top fashion brands and stores in the world to give its users with a personalized method of allowing them to find out the fashion they love.
In a statement, Lyst said their business posted a 400% growth in 2012 and another 400% growth last year. It boasts of 2 million shoppers each month, generating annual sales of more than $60 million for its partner brands and retailers which include Saks, Burberry, Net-A-Porter, J.Crew, Lane Crawford and Balenciaga.
Proceeds from the latest round will allow Lyst to continue its exponential growth so that it leads the fashion e-commerce segment and becomes a significant revenue driver for the fashion retail space. Lyst will specifically use the funds for its internationalization efforts as well as add to its workforce in its London and New York teams, the statement said.
Lyst Chief Executive Officer and Co-Founder Chris Morton said in the statement, "We're thrilled to have Balderton join us on our journey. 2013 was an amazing year for us, particularly as we launched fashion's first universal shopping cart, which is revolutionising the space by enabling shoppers to check out from multiple brands and stores in a single step on site. We're excited to have such a stellar group of European investors - DFJ Esprit, Accel and Balderton - with strong US ties to help take Lyst to the next level."
As part of the deal, Balderton Partner Mark Evans will be joining the board at Lyst. With more than $2.1 billion under management, Balderton is one of the biggest European venture capital firms, the statement said.