Lyst, a UK-based startup, was recently evaluated at $700M with an investment of $85 million in a Pre-IPO round of funding according to the reports of lundentechcrunch. The eCommerce store offers high-end fashion brands directly to users. This investment is another evidence of the fact that eCommerce continues to be a big focus for investors. Especially, in the wake of the global pandemic and considering consumer behavior in the recent past, the interest of investors in this industry is inevitable.
As revealed by Lyst, the latest injection includes funds managed by Novator Capital, Giano Capital, Fidelity International and C4 Ventures. The timing and location of the public listing have not been disclosed yet. However, London is more likely to be the location and it may happen in a couple of years.
The company has an assortment of 8 million products from 17,000 brands and retailers. They even have 150 million users browsing and shopping from the site. Lyst has been around for more than a decade and has seen a record growth of 1100% in the number of its new users. Its gross merchandise value was recorded at over $500 million in 2020. With a footfall of millions of fashion lovers, Lyst is rapidly making a mark and is on the verge of becoming a leader in the category.
The website and app of this eCommerce store already have an audience base in USA and Europe. However, the fashion eCommerce is yet to tap a vast market and has immense growth potential. With the huge amount raised recently, Lyst aims to penetrate the untapped market and continue to personalize the fashion experience for each existing and potential customer. It will not only bring the best available options to the doorstep of the customers but will also help the partners thrive and find expand their market.