Surrey-based notonthehighstreet.com has been backed by Fidelity Growth Partners Europe (FGPE) in a new £10 million deal which is supported by venture capital firms from previous rounds including Index Ventures and Greylock Partners.
Speaking to GrowthBusiness, Davor Hebel, partner at FGPE and new board member at notonthehighstreet.com, says that 80 per cent of internet penetration remains outside the US despite the size of American online firms.
He adds, ‘Although some of the largest companies in the ecosystem are US businesses, internet adoption is very global. So when you look at European companies they can compete on a big scale.’
Notonthehighstreet.com provides collections of products from 3,000 independent businesses and designers. Founded in 2006 by Holly Tucker and Sophie Cornish, the company has the slogan ‘one basket, hundreds of unique shops’.
The retail website’s last funding round came in August 2010 when Index Ventures and Greylock Partners came together to lead a £7.5 million investment in the company. Its first institutional round came back in 2007, when Spark Ventures became involved
Its new tranche of capital will allow the business to grow its brand whilst also investing in technology to ‘remain at the forefront of innovation’.
During 2012 the business launched a multi-currency functionality facility, allowing it to take payments in US and Australian Dollars, Euros alongside Pounds Sterling.
Tucker comments, ‘We are thrilled to be working with FGPE which has over 40 years of experience supporting businesses such as ours to help provide the expertise, resources and connections required to take us to the next level.
‘With them, we will expand the opportunities in the UK by supporting more talented small UK businesses and so becoming the number one destination for original, thoughtful products which celebrate what matters to an individual.’
Joining Hebel on the board is Laurel Bowden, partner at Greylock Partners.
Hebel adds, ‘The company’s phenomenal success to date is reflected in its outstanding performance and the many industry awards it has won.’