Fashion platform Lyst raises $85m ahead of public listing

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Fashion platform Lyst has raised $85m ahead of its initial public offering as users jumped to 15m.

New investors in the ecommerce app include funds managed by Fidelity International, Novator Capital, Giano Capital and C4 Ventures, alongside existing backers Draper Esprit, 14W, Accel, Balderton Capital, Venrex and LVMH. 

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Entrepreneur and strategic advisor Carmen Busquets, who co-founded designer fashion retailer Net-a-Porter, also increased her investment in the company.

Lyst said it recorded strong growth continue in 2020, with over 150m shoppers using the Lyst app and website to buy from an assortment of over 8m products from 17,000 brands and retailers. 

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Gross merchandise volume (GMV)  last year exceeded $500m, following 1100 per cent growth in new users on the Lyst app.

“Lyst is rapidly becoming a fashion category leader, which hundreds of millions of fashion lovers rely on to decide what to buy,” said Chris Morton, Lyst’s chief executive and founder.

“While our app and website already enjoy very large audiences in the USA & Europe, fashion ecommerce remains under-penetrated in general, with huge growth potential globally. 

“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.”

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