Sosandar has revealed its plans to raise £5.4m in funding in an attempt to “capitalise on the opportunities in its markets and accelerate its future growth”.

The fashion retailer has earmarked the money to further invest in stock to support its partnership with Sainsbury’s and boost its wider omnichannel strategy.

Sosandar originally said it had raised £4m, which increased to £5.4m due to increased demand.

Formerly a pureplay retailer, Sosandar first unveiled its partnership with Sainsbury’s last month and said a selected range of its products will start to be sold through the grocer’s online channel this year.

The retailer said the proceeds of the fundraise will also contribute towards “fast-tracking other growth initatives and accelerating the proven customer acquisition model”.

This follows a successful Christmas trading period for the womenswear retailer, as it recorded a surge in sales across every product category and posted a record quarter during the three months to December 31, 2022.

It also plans to raise a further £500,000 in addition to the placing through new ordinary shares.