Otrium eyes unicorn status and preps US expansion
Otrium, a marketplace which helps fashion and clothing brands sell excess inventory that would otherwise go unsold, has announced a $120 million funding round co-led by BOND and Index Ventures.
This values the five-year-old company at roughly $900 million.
The Dutch startup plans to use the funding to help it expand in the US, where it recently launched its e-commerce service. It is already present in 11 markets in Europe, including the UK, Germany, France, Italy, and Spain.
“We believe that the fashion world will see a rebalancing in the next few years, with more sales being driven by iconic items that brands sell year after year, and will be less reliant on new seasonal launches,” says Milan Daniels, CEO and Co-founder, Otrium.
“We work with brands to help them understand which of their items will stand the test of time, at what price and quantity.”
“I look forward to partnering with the Otrium team as the company expands to the US, and believe the platform is well positioned to bring dynamic and affordable solutions to the apparel market,” says Juliet de Baubigny, a General Partner at BOND.
“The notion of brands producing fewer new items and focusing more on what their customers love and buy over and over again, is powerful,” comments Danny Rimer, Index Ventures General Partner and board member of Otrium.
“It’s not an entirely new strategy in the fashion industry, but one that was limited to a few items and a small proportion of global fashion brands. With Otrium, every fashion label can begin to build their iconic portfolio.”