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Octopus Ventures leads $22m funding round in Berlin menswear startup

London-based venture capital firm Octopus Ventures has led a new $22m funding round in Outfittery, the curated shopping startup for men that is based in Berlin.

The Holborn-based VC team, who have backed some of the biggest tech success stories since it was founded in 2000, were joined in the round by Italian group U-Start Club who specialise in fashion investments, along with current investors Northzone Capital, Highland Europe, Holtzbrinck Ventures and Mangrove Capital Partners.

Founded in 2012 by Anna Alex and Julia Boesch, Outfittery is a forerunner in the curated shopping space, providing individual outfits for men from personal stylists tailored to each user.

Current competitors in an increasingly competitive space include UK-based Thread and German compatriot Modomoto, which both provide a similar curated service, which take into account user preferences to send specially selected items to users.

The funding is highly symbolic, coming at a time when rumours abound about startups upping sticks and relocating to Berlin in the wake of the EU referendum, and fears persist about the long-term prospects for the capital’s thriving tech scene were Britain to lose access to the single market.

Rebecca Hunt of Octopus Ventures, hinted that the move is a way for the VC firm to diversify its portfolio, and fits into its strategy of investing in high-growth companies across Europe.

She added: “Outfittery is a business that we’ve admired for a while, particularly its extraordinary growth of more than 100 percent in their fourth year, and we are excited to have the opportunity to work with the Outfittery team.

“The business fits well with our goal of investing in the fastest growing companies from across Europe from the very earliest stages of company formation through to the later stages of growth and expansion.”

Julia Boesch who is Managing Director and Co-founder at Outfittery said: “This latest financing round affirms that we’re on the right track and we’re very proud to have both Octopus Ventures and U-Start Club involved.

“With their support, we can now expand our market leadership position in curated shopping and further improve the service experience for our clients.”

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