Outfittery announces million euro funding from Mangrove Capital, IBB, RI Digital Ventures2013-01-25 5
Berlin-based curated menswear fashion portal Outfittery.de has announced a “mid-seven euro figure” funding round from big-name investors. Luxemburg-based VC Mangrove Capital Partners, RI Digital Ventures and the Investitionsbank Berlin have contributed to the round. The investment boost has also seen existing investors Holtzbrinck Ventures and High-Tech Gründerfonds increase their shares in the startup.
This is yet another investment by Mangrove Capital in a Berlin-based startup, after contributing to cloud-based printing service ezeep’s funding round last November.
Outfittery.de launched in early 2012 by Anna Alex and Julia Bösch and offers customers a style expert who puts together individual outfits to suit the customer’s style. Customers answer questions about their style and size before Outfittery puts together and distributes the complete outfit. Users do not pay for the extra advice and can send back clothing boxes they don’t like for free. To date, the service has been used by 20,000 customers in Germany.
Outfittery.de will primarily use the financing round to expand internationally.
Hans-Jürgen Schmitz, from Mangrove Capital Partners, explained the investment, saying: “We are convinced by the large market potential of the model and are excited to support this innovative concept in their international growth.”
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