HTGF portfolio company OUTFITTERY raises $20 million led by new investor Northzone
March 2, 2015
Outfittery is fundamentally changing the way men shop for clothes. Individually tailored personal service provides men with a great fashion look and a stress-free experience. As a pioneer and clear European leader of this disruptive model, Outfittery is delighted to announce that it has raised further capital from Spotify investor Northzone with significant participation from existing investors. Outfittery will use the investment to continue its geographic expansion and to further innovate the male shopping experience.
“Northzone shares our conviction that an uncompromising customer focus and strong service culture are the critical success factors for companies. For us, personal service isn’t a feature, it’s the heart and soul of our business. Northzone is the perfect partner for us to help in revolutionizing the male fashion industry,” said Julia Bösch, Managing Director and co-founder of OUTFITTERY. OUTFITTERY is currently active in eight European markets and plans to add more this year.
With its investment in OUTFITTERY, Northzone has added another category leader to its impressive portfolio of internet success stories. The venture capital fund invests in exceptional teams with ground-breaking and disruptive business models. It has supported internet successes such as Spotify, Trustpilot and iZettle. In addition, existing investors Highland Europe, Holtzbrinck Ventures, Mangrove Capital Partners and the VC Fonds Kreativwirtschaft Berlin managed by IBB have all increased their commitment to OUTFITTERY.
Hans Otterling, Partner at Northzone, explained the investment as follows: “OUTFITTERY, like Spotify, is a disruptive business model that rethinks an entire industry. We see curated shopping as the next evolution of ecommerce. With its vision and business model, OUTFITTERY has achieved exceptional growth since inception and we are impressed by the entire team and their dedicated customer focus.”
Marvin D. Andrae, Investment Manager from seed investor High-Tech Gruenderfonds (HTGF) confirmed: „We are very pleased Outfittery could convince well-known investors for its business model again. The newly established consortium of investors will further strengthen the rapid growth. “
OUTFITTERY makes it easier for men to shop for fashion online. Customers simply answer a few questions about their clothing style and sizes at www.outfittery.de. OUTFITTERY’s style experts then personally contact them and put together individual outfits which are conveniently shipped to their homes. Customers keep whatever they like and send the rest back. OUTFITTERY offers this innovative service free of charge. The Berlin company was founded in 2012 by Julia Bösch and Anna Alex and now employs 150 people. 80 style experts are solely dedicated to the fashion desires of their customers. Over 100 high-quality fashion brands are currently on offer. The start-up is currently active in Germany, Austria, Switzerland, the Netherlands, Belgium, Luxembourg, Sweden and Denmark, and is used by more than 200,000 men.
HOSCHKE & CONSORTEN, Heimhuder Straße 56, 20148 Hamburg
Miriam Piecuch, firstname.lastname@example.org, Phone: +49. 40. 36 90 50 – 33, Fax: +49. 40. 36 90 50 – 10
Founded in 1996, Northzone has to date raised seven funds and invested in some 100 technology companies. The current portfolio includes companies such as Spotify, Avito.ru, Trustpilot, WideSpace and Spaceape. The company has offices in London, Stockholm, Oslo, Copenhagen and New York. For further information, visit www.northzone.com.
About High-Tech Gruenderfonds
High-Tech Gruenderfonds invests in young, high potential high-tech start-ups. The seed financing provided is designed to enable start-ups to take an idea through prototyping and to market launch. Typically, High-Tech Gruenderfonds invests EUR 500,000 in the seed stage, with the potential for up to a total of EUR 2 million per portfolio company in follow-on financing. Investors in this public/private partnership include the Federal Ministry of Economics and Energy, the KfW Banking Group, as well as strategic corporate investors including ALTANA, BASF, Bayer, B. Braun, Robert Bosch, CEWE, Daimler, Deutsche Post DHL, Deutsche Telekom, Evonik, Lanxess, media + more venture Beteiligungs GmbH & Co. KG, METRO, Qiagen, RWE Innogy, SAP, Tengelmann and Carl Zeiss. High-Tech Gruenderfonds has about EUR 576 million under management in two funds (EUR 272 million HTGF I, EUR 304 million HTGF II).
For more information, visit: www.high-tech-gruenderfonds.de
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