Maven VCTs lead £3m funding round for fashion website Atterley.com
We are pleased to announce that the Maven VCTs have led a £3 million funding round for Atterley.com, an online fashion marketplace that provides a sales channel solution for boutiques and independent brands to sell to a global customer base.
The investment, which also includes commitments from Scottish Enterprise and existing shareholders, will allow Atterley to execute its planned growth strategy with a key focus on developing its international footprint, particularly in the US.
Atterley is a fashion retail marketplace that is used by over 250 independent boutiques to reach customers worldwide and has around 3,000 brands live on the site.
The business has experienced a year on year increase in revenues attributed to strong repeat sales and entry into new geographic markets, whilst also benefitting from the considerable shift in consumer behaviour towards online retail.
The Atterley team totals 20 today, which includes CEO Kenny Baillie and COO James Eccleshall both of whom worked with the Founder and Chairman Mike Welch at Blackcircles.com. Existing investors include Sir Terry Leahy, the former CEO of Tesco PLC, Graeme Bissett the former Chairman at Blackcircles.com and former Vogue Editor Alexandra Shulman who is also an advisor to its board.
This investment is a game changer for us and really sets us up for our next big phase of growth. We have always taken a test and learn approach to our investments in growth and that has not only kept us in control of our destiny as shareholders but has carried us through some of the most testing times for businesses that we have ever seen. I am excited that in partnership with Maven we will be able to accelerate our growth and capitalise on the massive market opportunity.
Mike Welch, Atterley Founder and Chair
“The retail sector is going through unprecedented change creating huge opportunities for online fashion marketplaces and we are delighted to be supporting one of the most exciting, Atterley. We were drawn to the company’s ethos which places its boutique partners front and centre and in doing so it is able to offer consumers a vast range of premium, emerging, and undiscovered labels expertly curated by some of the worlds most talented fashion buyers. We are very much looking forward to working with the Atterley team as they work to emulate their success building and exiting one of the UK’s first e-commerce marketplaces, Blackcircles”.
David Milroy, Maven Partner