• Notonthehighstreet.com in talks to raise £25m via new shares
  • Names of new investors not known
  • Etailer has been on recruitment drive

Notonthehighstreet.com is raising capital to accelerate its growth and take it closer to the prized $1bn (£700m) price mark milestone. 

The etailer has been approached by new investors keen to back it and is now in talks to raise around £25m via the selling of new shares, Sky News reports.

Privately owned tech companies with valuations of $1bn are referred to as unicorns, due to their rarity, although European ‘unicorns’ have been on the rise recently.

Other British retailers which carry the esteemed tag are electricals retailer AO.com and luxury etailer Farfetch.com.

The names of the new investors are unknown but existing backers include Fidelity Growth Partners, Greylock Partners and Index Ventures.

Notonthehighstreet.com, which is 10 years old this year, has been on a high-profile recruitment drive. In February Net a Porter’s tech boss, Hugh Fahy, joined as chief technology officer.

Last year, the etailer appointed Poundland chair Darren Shapland as chairman, while chief executive Simon Belsham is a former Tesco online boss.