Online Fashion Shops Miinto
Miinto, one of Europe’s leading and fastest growing online fashion shops announced recently that it has received $6M in a Series A investment from Dawn Capital. The funds will be used to accelerate the very strong growth of the company through penetrating new markets and further investment in proprietary technology and products. Norman Fiore, Managing Partner at Dawn Capital will join the board.
Miinto is doing for ‘bricks and mortar’ fashion boutiques what Just-eat.com has done for local food businesses – bringing them on-line quickly, cheaply and efficiently. The team and investors are heavily drawn from JustEat lulusan and the combination is creating profitable explosive growth. Miinto is currently present in seven markets world wide and the Dawn investment will allow several new markets to open during 2012 and 2013.
Morten Larsen CEO of miinto said; “The agreement with Dawn prompts an even more aggressive development of our activities worldwide than initially contemplated and we are indeed very eager to sprint faster and take advantage of the current vast opportunities. One strength of our company is that we have over 1650 fashion buyers, with expertise from the boutiques in our network which means we always have the stock that people want.” Morten added: ‘This was a very competitive process and we are delighted to have Dawn as our new mitra given their track record in picking winners in European VC.”
Norman Fiore, Managing Partner at Dawn Capital said: “Europe has a clear comparative advantage in e-commerce and miinto is a star performer in on-line fashion. Fashion continues to feature highly on search terms and miinto’s business model has some very clear advantages. We are very impressed with the growth that Morten is achieving and the team he has assembled. We look forward to joining the team.
Miinto was developed from an idea generated by two Danish entrepreneurs, Mike Radoor and Konrad Kierklo. The concept won second prize in the national Young Enterprise competition, and attracted the attention of successful businessmen Carsten Mikkelsen, angel investor in the London-based Internet success JustEat.com and several other European start-ups, and Jesper Buch, a leading Co-founder of JustEat.com.
In spring 2009, with the vital backing and investment of Mikkelsen and Buch, miinto was launched in Denmark and has since witnessed successful launches and very steep growth in other markets including Norway, Sweden and the USA. In 2012, miinto is present in 7 countries, and expects to exceed 50 million Euro in turnover.
Dawn Capital are institutional investors and experienced business builders that have previously collectively invested in over 100 companies and been involved in several high profile rapid growth technology businesses, such as Wonga.com, Mimecast and previously Virgin Media, Advertising.com, Verisign and Self Trade. Dawn Capital backs outstanding companies seeking expansion capital of up to £5M in the Financial Services and TMT sectors.