London-based flash sales site SecretSales.com has raised £4.5 million to fund new growth and infrastructure plans.
The new investment has come from Partech Ventures’ new flagship Partech VI fund and French private equity firm 123Venture. Existing investors Pentech and Doughty Hanson have also contributed alongside co-founders and brothers Nish Kukadia and Sach Kukadia and key managers.
It is the third wave of fund-raising by the fashion-led site and follows 2010's £6.3 million from a syndicate that included Doughty Hanson Technology Ventures, Pentech and OCP Innovation, managed by Partech Ventures.
The company plans to use the money to help implement new 'sophisticated' customer acquisition and retention initiatives and grow its infrastructure and technology platform to further support expansion.
Chief executive of SecretSales.com Nish Kukadia said: 'We are delighted to welcome Partech VI and 123Venture as new investors and pleased that our existing shareholders continue to demonstrate their support and commitment through their participation in this latest funding round. We are really excited to now focus on the next stage of our ambitious growth plans for SecretSales.com.'
Philippe Collombel, managing partner at Partech Ventures, said: 'Globally, the flash sales market has undergone a revolution where the stronger, data-driven businesses are starting to successfully emerge. We have been consistently impressed by SecretSales.com’s performance and see an opportunity to grow a stand-out British business in this space.'
SecretSales.com increased net sales by 70% last year and has over 3.2 million registered members. It also has a portfolio consisting of 650 brands and recently hosted sales for Christian Louboutin shoes, Gucci sunglasses, Alessi home ware, Victoria Beckham Denim and vintage Chanel handbags.
The company said its competence with mobile commerce is becoming a 'core strength and differentiator'. Smartphones account for 29% of total sales and 26% are made from tablet devices.
In December 2013, SecretSales.com was named as one of the UK's 'Future Fifty' high-growth digital businesses.
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