FarFetch, and online marketplace for independent fashion boutiques, has raised $18 million in funding from Index Ventures, eVenture Capital Partners and existing investor Advent Venture Partners. This brings FarFetch’s total funding to $24 million.
Launched in 2008, Farfetch.com is marketplace which brings independent fashion boutiques from Europe and North America under one roof. The London-based company offers a curated network of online boutiques from designer brands like Fendi, Gucci, and Chloé as well as from emerging designers. Currently the site offers clothing for both men and women, and includes over 35,000 products.
The company says its is currently seeing an annual sales growth rate of 204 percent. Farfetch.com has more than 56,000 customers in 100 countries, with 50 percent of sales are delivered to emerging and new markets. The marketplace has 110 boutique partners in Europe and the US, and 60 partners in Brazil. The company currently represents over 200 boutique locations worldwide in 12 countries.
The new round of funding will be used to expand and deepen FarFetch’s brand and operational presence in its existing markets across Europe and North America, and for strategic growth efforts into new markets in the United States and Brazil and Asia.
In particular, FarFetch is aggressively expanding to the U.S. 2012, and will be opening up an additional office in New York. Originally based in London’s Shoreditch, the company last raised $4.5m from London-based Advent in 2010.
Robin Klein, Venture Partner at Index Ventures, said in a statement, “We strongly believe that the model of Farfetch is one that will continue to grow and expand globally, and attract a very engaged and loyal base of fashion connoisseurs across markets.” Index has previously invested in a number of e-commerce sites including ASOS, Net-A-Porter, LOOKK, EDITD, StylistPick, AstleyClarke, GoTryItOn and Etsy