London-based global fashion shopping platform Lyst has raised $85 million in a round that saw participation from a number of existing investors including Draper Esprit. The round welcomed new players Fidelity International, Novator Capital, Giano Capital, and former Apple executive Pascal Cagni’s C4 Ventures.
Founded in 2010 by Chris Morton, Lyst provided over 150 million users making purchases from a selection of 8 million products from 17,000 brands and retailers. With Gross Merchandise Value on the platform topping half a billion in 2020, that now puts the lifetime GMV at over $2 billion.
“Lyst is rapidly becoming a fashion category leader, which hundreds of millions of fashion lovers rely on to decide what to buy. While our app and website already enjoy very large audiences in the USA & Europe, fashion e-commerce remains under-penetrated in general, with huge growth potential globally,” comments Morton. “We’re excited to use this raise from top-tier investors to continue personalising the fashion shopping experience to each of our millions of customers, while helping our partner brands thrive.”
With LVMH acquiring a stake in 2016 and investing further in 2018, and Net-A-Porter co-founder Carmen Busquets reportedly upping her investment in the company, alongside Lyst’s new appointment of Spotify’s former Director of Product - Consumer, Mateo Rando, one can only wonder how far off Lyst’s list is?