Lyst, a fashion shopping site that offers its users a simple platform offering world’s biggest fashion collection, has announced that it has raised USD 14 million in order to remain competitive and to bolster its marketing efforts.
Founded in 2010, Lyst has partnered with thousands of the world's leading brands, boutiques and department stores, for its users to follow their favorites all from one place. Lyst allows its users to follow their brands and favorite stores, post which they can buy products directly through the Lyst website.
Boasting of over 2 million users, Lyst, according to the media reports, generates over USD 6 million annually in sales for brands listed on its listing which includes names like Saks, Burberry, Net-A-Porter, J. Crew, Lane Crawford and Balenciaga.
The investment is led by Balderton Capital (originally an offshoot of Benchmark Capital in Europe) and shows the investors’ faith in the Lyst’s business model and its growth. Other investors include big names like Accel Partners and DFJ Esprit.
Chris Morton, co-founder and CEO of Lyst, said in a statement: “2013 was an amazing year for us, particularly as we launched fashion’s first universal shopping cart, which is revolutionising the space by enabling shoppers to check out from multiple brands and stores in a single step on site.
He added, “We’re excited to have such a stellar group of European investors – DFJ Esprit, Accel and Balderton – with strong US ties to help take Lyst to the next level.”