Fashion retailer Miinto secures series A investment from Dawn Capital
Miinto, one of Europe’s fastest growing online fashion retailers, has received USD6m in a series A investment from Dawn Capital.
The funds will be used to accelerate the strong growth of the company, through penetrating new markets and further investment in proprietary technology and products. Norman Fiore, managing partner at Dawn Capital, will join the board.
Miinto is doing for ‘bricks and mortar’ fashion boutiques what Just-Eat.com has done for local food businesses – bringing them online quickly, cheaply and efficiently. The team and investors are heavily drawn from the Just-Eat alumni. Miinto is currently present in seven markets worldwide and the Dawn investment will allow several new markets to open during 2012 and 2013.
Morten Larsen, chief executive of Miinto, says: “The agreement with Dawn prompts an even more aggressive development of our activities worldwide than initially contemplated, and we are very eager to sprint faster and take advantage of the current market opportunities. One strength of our company is that we have over 1,600 fashion buyers with expertise from the boutiques in our network, which means we always have the stock that people want.”
Norman Fiore (pictured), managing partner at Dawn Capital, says: “Europe has a clear comparative advantage in e-commerce and miinto is a star performer in online fashion retail. Fashion continues to feature highly on search terms and miinto’s business model has some very clear advantages. We are very impressed with the growth that Morten is achieving and the team he has assembled. We look forward to joining the team.”
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