Secret Sales will use the funds for both European expansion and its marketplace technology, which, as of February 2023, has cultivated an inventory of 25 million items with a combined value of £3 billion – an increase of 125% year-on-year.
Chris Griffin, CEO at Secret Sales, says “With the current economic climate still uncertain, and the funding market particularly tricky to predict, we are extremely proud of our success in this Series B funding.”
“The confidence of our existing investors is testament to the incredible results we have achieved during this past year, showing that there is significant reason and opportunity to invest in the Secret Sales business model worldwide.”
“The ongoing demand from brands and retailers looking for an upmarket, profitable, and sustainable way to sell non-full price inventory has accelerated and we are fast becoming the only real 360-degree solution.”
“We’re thrilled to have closed this funding round as it enables us to embark upon the next stage of our growth journey and create a more sustainable future for fashion.”
Iain McDonald, founder of Belerion Capital Group, and non-executive director at boohoo and The Hut Group, says: “Belerion is delighted to back Secret Sales in its most recent funding round. Chris and the team continue to scale the business very impressively and, in so doing, are transforming the way brands clear excess inventory.”
“This latest funding round will allow an accelerated international roll out. We are very happy to increase our shareholding in the business and look forward to further success.”
Ravi Sharma, Partner, Perwyn, comments: “Since leading the investment rounds in Secret Sales we have been hugely impressed by the team and their progress.”
“The company has built an online marketplace that works in partnership with brands and retailers, and is fast becoming a true disruptor in its sector. It is achieving this with its modern platform that puts ‘brand’ first in the exciting non-full price space. We will continue to support the business as it seeks to expand its operations more widely across Europe.”
Chris Griffin and Matt Purt, acquired Secret Sales in March 2020, relaunching the former members only flash sales site as a dedicated marketplace.
Angus Duthie-Jackson from Perwyn will join the company’s board as part of the latest funding round.