Alongside existing investors Accel Partners and Index Ventures, new partner Fidelity Growth Partners (FGPE) has joined the fold through the new financing round.
As part of the deal, Davor Hebel, partner at FGPE, has joined the board of Stylistpick. The new funds are to be used to grow the business in the UK as well as expand into new markets, according to a statement.
London-based Stylistpick was founded in November 2010 as an entertainment-led fashion company with a subscriptions-based purchasing model. To date it has attracted 600,000 members and reported a tripling of quarter on quarter revenue for the final three months of 2011.
Upon registration, users complete a style quiz to find out an ‘individual style profile’. Thereafter, each month customers receive a personalised selection of shoes, bags and jewellery to choose from.
The business received an initial seed investment, on establishment, from Index Seed and angel investors Stefan Glaenzer, Alex Zubillaga and Robert Dighero. The fashion website received an $8 million investment through a series A fundraising round including Accel Partners and Index Ventures in April 2011. In Autumn 2011 the company announced a collaboration with pop star Cheryl Cole, who is set to serve as an ambassador for the company with her own collections available on the site.
CEO of Stylistpick, Felix Leuschner, says, ‘Stylistpick is growing quickly, and we’re eager to take the business to the next level.
‘The round of funding from Fidelity, Accel Partners and Index Ventures will allow us to scale our operations and expand into new markets. The three investors share our vision of building the next generation online fashion company.’
Hebel says that the traction achieved by Stylistpick in its first year of operation ‘clearly demonstrates’ the strength of the consumer demand in the market.
He adds, ‘We believe Stylistpick will become another great European e-commerce success story.’
New investors Fidelity Growth Partners makes sector specific investments in technology entrepreneurs. In January 2010 the firm raised £100 million and has existing investments in companies including Seatwave, InnoGames and Wahanda.