Partech Ventures‘ has closed a deal through its new Partech VI fund alongside French investor 123Venture and Doughty Hanson.
As a flash sales e-commerce site aimed at fashion, accessories and footwear, SecretSales.com now has 3.2 million users and 650 brands listed.
Growth for the business during 2013 meant a rise of 70 per cent in net sales, and the new funding will be used to integrate new customer acquisition and retention methods as well as building out its infrastructure and technology platform.
As well as achieving net sales growth during 2013, SecretSales.com was also named as one of the Future Fifty high-growth technology companies which are being given tailored support in line with targeting a public market listing.
Nish Kukadia, CEO of SecretSales.com, comments, ‘We are delighted to welcome Partech VI and 123Venture as new investors and pleased that our existing shareholders continue to demonstrate their support and commitment through their participation in this latest funding round.’
More on flash sale sites:
- Ingenious backs flash sale site Casabu
- LOVEFiLM backer DFJ Esprit backs SportsPursuit again
- Secret Escapes aims for membership growth following Index deal
Alongside his fellow co-founder and brother Sach, Kukadia has also participated in the funding round.
Back in February 2012, SecretSales.com closed a £6.3 million transaction involving Doughty Hanson, Pentech Ventures and the Partech-managed OCP Innovation Fund. The fundraising was made to expand specifically in the UK.
According to the start-up, its mobile platform is generating 29 per cent of sales while 26 per cent are originating from tablet devices.
Partech Ventures managing partner Philippe Collombel says, ‘Globally, the flash sales market has undergone a revolution where the stronger, data-driven businesses are starting to successfully emerge.
‘We have been consistently impressed by SecretSales.com’s performance and see an opportunity to grow a stand-out British business in this space.’