Lyst raises $40m in Series C round of investment
LVMH's controlling shareholder, Groupe Arnault, was among the companies that contributed to a $40m investment in UK e-tailer Lyst, the company announced today.
The other investors are Accel Partners (investors in Facebook), Balderton Capital (YOOX Net-a-Porter Group), 14W (Everlane), DFJ (Skype), and a New York-based hedge fund that has remained anonymous.
Lyst features 11,000 designers and stores and has seen a growth in sales (run-rate) from $40m a year ago to $150m today. The average order value is $400. The company said the new investment will support its continued internationalisation and its growth across its teams in London and New York.
Co-founder and CEO Chris Morton commented: "This is an exciting time in our space and we are very proud to be at the centre of it. Our model has grown exponentially in the USA and UK, and this round of funding allows us to take Lyst to fashion consumers around the world. We are already seeing a higher conversion by as much as five times through our universal cart - its widespread adoption by the industry’s leading brands and stores is a testament to the unique platform we have built and the volumes of sales it is generating."
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