Investors behind ASOS and Secret Escapes back indie marketplace Trouva in $10m round
E-commerce marketplace Trouva has raised $10m (£7.61m) in funding.
The company this morning (November 10) announced the result of its seven-figure Series A round, led by venture fund BGF Ventures.
Other investors included Index Ventures, a European VC fund that has previously backed digital brands ASOS and Etsy; and Octopus Investments, backer of Secret Escapes and Graze.
Trouva’s technology platform aims to help handpicked offline independent stores compete with retail multiples and e-commerce giants.
At present, the website brings together over 350 independent shops and boutiques from more than 100 towns and cities in the UK.
The company’s co-founder and CEO, Mandeep Singh, said: “We will be using the investment to further develop our unique platform at existing stores within the Trouva community, while funding expansion to new shops and boutiques across the UK, and ultimately further afield too.”
BGF Ventures partner Harry Briggs commented: “I love the passion that independent boutiques bring to their craft – discovering wonderful products and creating a place that’s a joy to visit.
“Everyone’s discovered a boutique somewhere that’s full of things that feel made for their home.”
He added: “Trouva helps those boutiques reach more customers, and helps customers further-afield keep up with their favourite boutiques’ latest ‘finds’.”
The marketplace will also use the funding to establish a base in Lisbon, while expanding its London HQ by tripling the size of its tech team.
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