Farfetch Raises $20 Million In A Round Led By Conde Nast
Farfetch is a company that serves as an online marketplace for independent boutiques. The company has raised $20 million, led by Conde Nast. Index Ventures, Advent Venture Partners, and e.ventures also participated in this round.
Based in London, Farfetch is Conde Nast’s third European startup investment announced in the last month. The other two are online jewelry company ReneSim and online designer company Monoqi. Conde Nast’s largest investment to date outside of the U.S. was in Farfetch. In November 2012, Conde Nast participated in a $20 million Series C round for Rent The Runway. Conde Nast is known for publishing popular magazines like Vogue, GQ, and Glamour.
Farfetch has raised $44 million total so far. The company raised $18 million one year ago. A valuation of the company was undisclosed. “This investment will fuel our entry to new markets while assisting our growth in existing ones. Our goal to build a unique curated global franchise in online designer fashion is brought several steps closer through the exciting involvement of Condé Nast,” stated Farfetch founder and CEO José Neves.
Farfetch does not hold any inventory of their own. The company is an aggregator and service provider. They offer a selling and payment platform. It is believed that Farfetch’s run rate is around $129 million and is growing at 150% year-on-year according to TechCrunch. The company also recently hit $1 million in one day of sales. The company does not say how much commission that they take, but we do know that they take less than 30%.
Farfetch was founded in 2008 and they aggregate 82,000 products across the boutiques. The company has about 150,000 customers in 140 countries that spend $680 per average order.