Fashion marketplace and e-commerce platform Lyst has raised $40m in a Series C investment round, with funding from partners also working with LVMH, YOOX Net-a-Porter Group, Everlane, Facebook and more.
Lyst says the round will support the continued global expansion programme for its universal cart technology, which enables shoppers to make purchases from multiple retailers through one unified checkout. It will also help it to grow its teams in both its London and New York offices.
On the potential for the plans, co-founder and CEO Chris Morton, said: “We are already seeing a higher conversion by as much as five times through our universal cart – its widespread adoption by the industry’s leading brands and stores is a testament to the unique platform we have built and the volumes of sales it is generating.” Those sales have grown from $40m 12 months ago, to $150m today, according to the company.
The investment partners include Groupe Arnault; Accel Partners, Balderton Capital, 14W, DFJ and a New York based hedge fund.
It follows a flurry of big funding announcements for the e-commerce space in recent months, including Farfetch’s $86m in a Series E round, resulting in a $1bn valuation; Poshmark’s $25m in a Series C; and even Rent the Runway’s $60m in a Series D in late 2014. In its first day of trading as a public company meanwhile, Etsy recently sold more than 13 million shares, raising $267m and enjoying a valuation of $1.8bn (albeit trading down in the days since). All eyes are also on Jet.com, a supposed Amazon competitor due for imminent launch that has recently raised $140m in funding including from Alibaba, according to reports.