The ecommerce startup co-founded by Avid Larizadeh has raised an additional $4M to further expand globally.
By Jessica Stillman (Editor, Women 2.0)
Boticca may be based in London, but the startup, which sells designer jewelry and accessories online, clearly has eyes on other markets. The company just announced a $4 million Series A round from UK-based VC firm MMC Ventures and high net worth individuals in Europe, the Middle East and Asia. This follows on an earlier $2.5 million round and seed funding.
The company has a celebrity following, with customers including Cameron Diaz and Lady Gaga, but it’s probably not this star power that impressed investors. As TechCrunch reports, Boticca has been posting some impressive numbers:
Boticca now has 400,000 users, sources designs from over 330 independent designers and emerging brands, has over 10,000 products from 40 countries around the world. Customers have a lifetime value of over four times the amount spent to acquire them. Sales and traffic have shown 150% YoY growth without any significant increase in marketing spend, with 30% of sales coming from mobile traffic. Boticca has been an international business from launch with 50% sales from Europe, 30% from North America and 20% from Asia Pacific and the Middle East. Some 55% of all transactions are intercontinental, with the designer on one continent and customer on another.
The company plans to use the additional funding to go even more global, entering new markets and offering local language versions of the site, the same article says. Boticca is also riding the crest of several big trends, TC points out, having "tapped into the coming juggernaut of social and the now hot space of ‘curation’, as evidenced by brands like Fab."
Boticca is the brainchild of former VC Avid Larizadeh and former investment banker Kiyan Foroughi. Congrats to the founders!
Have we reached 'peak hype' when it comes to curation?
Jessica Stillman (@entrylevelrebel) is an editor at Women 2.0 and a freelance writer with interests in unconventional career paths, generational differences, and the future of work. She writes a daily column for Inc.com and has blogged for CBS MoneyWatch, GigaOM and Brazen Careerist, among others.