Trouva gets £17m to finance Europe expansion, boost tech
today Nov 28, 2019
Trouva, the online marketplace that specialises in offering hard-to-find pieces from a wide variety of retailers, has received an investment boost and plans to use the cash to fund its European expansion.
The new £17 million in funding means it can finance its already-started move outside of the UK market. The company launched in Berlin last year and said this went well. A German website is now planned.
The London-based business has found a strong niche between the mass-market and ultra-high-end. It offers a more curated approach to the marketplace concept than mass-market businesses like Amazon, but also focuses on much more affordable prices that upscale leader Farfetch. Specialising in homewares, fashion and beauty, it’s a key online channel for smaller physical stores.
Trouva was co-founded in 2015 by Alex Loizou, Mandeep Singh and Glen Walker and said it now works with 500 of the “very best” independent stores in Britain, out of an indies total that adds up to 20,000 stores in the country.
Singh said that as well as the new money allowing it to ramp up its German activities, it will enable it to debut in completely new markets.
And the new cash will also help it improve its technology platform as online shoppers expect faster and easier systems that help them get their hands on the goods they’re buying more quickly and with more delivery choices.
The funding round was led by Octopus Ventures, C4 Ventures and Downing Ventures, with BGF and LocalGlobe also taking part.
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