Perwyn, a family-backed private equity and growth capital investor, is pleased to have led a €10 million Series A funding round in Secret Sales, a premium ecommerce marketplace for fashion, footwear, accessories, beauty and homeware.
Secret Sales’ revolutionary new business model is disrupting the discount sector and ingeniously solving excess inventory problems with its direct to consumer digital channel, allowing brands and retailers to sell stock profitably, while maintaining brand equity and identifying new customers in compliance with GDPR.
Secret Sales will use the funds raised to advance technological development, scaling its ecommerce platform to compete as a global player in the discount retail space. The marketplace will expand its UK operations and launch in six new territories in the next year, bringing hundreds of more brands and retailers onboard to drive both domestic and international growth. The investment will also enable Secret Sales to improve data mining capabilities to optimize user experience on the platform, which in turn will increase sales and customer engagement for brand and retail partners.
Ravi Sharma, Partner at Perwyn, says: “We are delighted to lead this round of growth capital as the business prepares itself for further UK and international expansion. We have been extremely impressed by what the management team has built to date and look forward to the coming years as we look to scale the business further.”
Read more/Source: Private Equity Wire
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