Designer Wardrobe, a New Zealand based fashion marketplace, has successfully raised $1.7 million through online private equity marketplace Snowball Effect. The raise attracted investment from several prominent investors, including Stephen Tindall’s K1W1 fund and venture capital investor Aaron Bhatnagar, as well as solid interest from over 150 members of the public.
Around 1,300 investors had pre-registered for early access to the offer, many of whom were Designer Wardrobe’s members and early adopters.
The raise also received support from existing Designer Wardrobe investors Simon Moutter and Shane Bradley.
Designer Wardrobe CEO, Aidan Bartlett said, they were delighted with the results of the funding round and the support from both professional and retail investors;
“It has been fantastic to be able to share this opportunity with our members and network.”
The capital raised will be used to fuel the growth the Designer Wardrobe business, as well as expanding in Australia and opening the platform up to men’s and kids categories.
The company also plans to purchase a substantial amount of clothing for the purpose of renting – a market that has had tremendous growth overseas.
Designer Wardrobe Chairman, Simon Moutter added;
“The capital raise was an important step in strengthening our balance sheet to allow us to capitalise on the traction that we already have in market, and take the business to the next stage. We are pleased that investors have confidence in the team and the business strategy”.
Designer Wardrobe was founded by Donielle Brooke in 2013. The platform now has a growing customer base of over 87,000 members with more than 26,000 listings and about 1.2 million page views per month.
Snowball Effect has now raised over $25 million across 26 offers, with an investor audience of over 13,000. Designer Wardrobe represents the second mini-IPO large scale public offering of 2017 for the Kiwi platform which also actively facilitates offline private equity investments.
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