Otrium, an Amsterdam-based online fashion outlet, has announced that it has raised $120 million in its latest funding round. The Series C funding was led by private equity firm, BOND, and brings the total amount raised by the company to over $150 million. Otrium plans to use the funding to expand its presence in Europe and beyond, as well as to enhance its technology and operations.
What is Otrium?
Otrium is an online fashion outlet that partners with premium fashion brands to sell their surplus inventory. The company was founded in 2016 by Max Klijnstra and Milan Daniels, who both have extensive experience in the fashion industry. Otrium’s mission is to create a sustainable solution for fashion brands to sell their surplus inventory, while also providing consumers with access to high-quality fashion at affordable prices.
Otrium’s Business Model
Otrium partners with premium fashion brands to sell their surplus inventory through its online platform. The company offers a range of services to its brand partners, including inventory management, marketing, and logistics. Otrium’s platform is designed to provide a seamless shopping experience for consumers, with features such as easy returns and free shipping.
Otrium’s Growth
Since its founding in 2016, Otrium has experienced significant growth. The company currently partners with over 400 fashion brands, including the likes of Karl Lagerfeld, Joseph, and GANT. Otrium has also expanded its presence beyond its home market of the Netherlands, with operations in the UK, Germany, France, and Belgium. The company has over 1.5 million registered users and has seen its revenue grow by over 200% in the past year.
Otrium’s Series C Funding
Otrium’s latest funding round was led by BOND, a private equity firm with a track record of investing in successful e-commerce companies. Other investors in the round included existing backers, Index Ventures, Eight Roads Ventures, and Hans Veldhuizen. The $120 million in funding will enable Otrium to expand its operations further across Europe and beyond, as well as to invest in its technology and operations.
Otrium’s Future Plans
Otrium’s founders, Max Klijnstra and Milan Daniels, have stated that they plan to use the funding to expand the company’s presence in Europe and beyond.
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