Online fashion retailer My-Wardrobe has received a $9m (£6m) investment led by venture capital group Balderton Capital to drive the growth of the business.
The investment will be the first from an institutional investor for My-Wardrobe and will be used to add more premium brands to its offer and drive expansion in international markets.
Dharmash Mistry, partner at Balderton Capital, who has held major media roles including managing director of Emap’s former consumer division, will join the board of My-Wardrobe.
Balderton Capital has also invested in other online ventures including the Hut Group, LoveFilm and Yoox.
The site, which sells brands including Mulberry, Anya Hindmarch, Paul Smith, and Joseph, receives around 800,000 visitors every month. It is targeting sales of £100m in the next five years.
My-Wardrobe.com founder and chief executive Sarah Curran said: “We’ve had an extremely positive reaction from the investment community during this fund-raising process and we are delighted to be working with Balderton as our investment partner.
“We have extremely ambitious expectations for my-wardrobe.com and this investment will allow us to improve our portfolio of designer brands and product categories, improving the overall customer experience. Through investment in both offline and online marketing channels, we plan to accelerate the global expansion of the business over the next five years.”
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