Online fashion etailer Rad, which specialises in limited-availability product, has received €2.5 million to fund expansion into the UK and Germany.
The funding, about £2.1 million, comes after just 11 months trading and with the release of figures that suggest the site will reach sales of €15 million (£12.8 million) in its first year.
Raaad.fr was founded and originally self-financed by David Smadja, Anthony Serero, Simon Amzalag and Julia Serero. It offers limited-time only sales of indie fashion, art and design products. The Series A funding was led by Index Ventures with the participation of angel investors including Nicolas Santi-Weil, a founding partner of ecommerce venture The Kooples who will also join Rad's board, and New York-based Vaizra Seed Fund.
Martin Mignot at Index Ventures explains his attraction to Rad here.
The money will be invested in new hires, logistics, production and marketing. It also has a target to reach €40 million a year in 2014. The site was set up as an alternative to Vente-Privee.com but with new collections from independent designers and labels. Rad investors are also behind the Business of Fashion magazine web site.
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