Otrium, an Amsterdam-based online fashion outlet, has successfully raised €120M in its latest Series C funding round. Discover how this funding will help the company continue to revolutionize the fashion industry and provide customers with high-quality clothing at discounted prices.
Introduction
Amsterdambased Otrium, an online fashion outlet platform, has recently announced its successful Series C funding round, raising €120M. The Global investment firm BOND led the financing round, with other high-profile investors such as Index Ventures, Eight Roads Ventures, and HPE Growth also participating. This article explores Otrium’s journey to Series C funding, the significance of the financing round, Otrium’s growth strategy, expansion plans, and commitment to sustainability and ethical fashion.
Otrium: A Brief Overview
Established in 2016 by Milan Daniels and Max Klijnstra, Otrium is an online fashion outlet platform connecting fashion brands with shoppers looking for discounted, high-quality fashion items. Otrium operates as a marketplace, allowing brands to sell their excess inventory directly to consumers without needing physical outlet stores.
Otrium has partnered with over 400 fashion brands, including big names such as Asics, Scotch & Soda, and G-Star RAW. The platform has over 3 million registered users across Europe, making it one of the fastest-growing fashion outlets in the region.
Amsterdambased Otrium’s Journey to Series C Funding
Otrium’s journey to Series C funding began with its initial seed round in 2017, where it raised €750,000 from investors such as Verve Ventures and Savano Capital Partners. In 2018, Otrium secured €7M in Series A funding led by Index Ventures, followed by a €24M Series B funding round in 2020 led by Eight Roads Ventures.
The Significance of the Series C Funding Round
The Series C funding round is a significant milestone for Amsterdambased Otrium. With the additional €120M of the financing, Otrium’s valuation has reached over €1B, making it a unicorn in the fashion industry.
The funding will allow Otrium to accelerate its growth and expand into new markets. Otrium plans to use the funds to invest in its technology, increase its team size, and improve its logistics infrastructure to enhance its customer experience.
Investors and Partners in the Series C Funding Round
BOND, a renowned global investment firm that has backed successful startups like Airbnb, Canva, and Revolut, led the Series C funding round. Other investors included Index Ventures, Eight Roads Ventures, HPE Growth, and Partech.
Otrium has partnered with leading fashion brands such as Scotch & Soda and G-Star RAW to offer exclusive deals and discounts on their excess inventory. These partnerships have contributed to Otrium’s growth and success in the fashion industry.
Otrium’s Growth Strategy with Series C Funding
With the new funding, Otrium plans to expand its operations into new markets, including the United States. The platform operates in the Netherlands, Belgium, Germany, France, and the United Kingdom.
Otrium’s growth strategy includes increasing its brand partnerships and offering customers a more comprehensive range of discounted products. The platform plans to leverage its data analytics capabilities to provide users with personalized product recommendations and improve their customer experience.
Otrium also plans to invest in its technology infrastructure to enhance its platform’s capabilities. The company plans to improve its logistics infrastructure and warehouse capacity to manage its inventory better and improve delivery times.
Expansion Plans for Amsterdambased Otrium
With increased funding, Amsterdambased Otrium plans to expand its operations into new markets. The company plans to launch in the United States, one of the world’s largest fashion markets.
Otrium also plans to expand its partnerships with fashion brands to offer its customers an even more comprehensive range of discounted products. The company aims to offer products from over 1,000 brands by 2025, expanding its product range to include more categories such as beauty and home decor.
Otrium plans to increase its workforce by hiring new talent in its technology, logistics, and marketing departments to support its expansion plans.
Otrium’s Commitment to Sustainability and Ethical Fashion
Atrium is committed to sustainability and ethical fashion, and the company has implemented various initiatives to reduce its environmental impact. The company has launched a circular fashion program, encouraging customers to return their unwanted items to Otrium for store credit. The returned items are either resold on the platform or recycled.
Otrium also partners with brands that share its commitment to sustainability and ethical fashion. The platform offers a range of sustainable fashion products made from eco-friendly materials and ethical production practices.
The Future of Amsterdambased Otrium
Otrium’s recent Series C funding round has positioned the company for substantial growth in the years ahead. The company’s expansion plans, increased partnerships, and commitment to sustainability are all factors that will contribute to its success in the fashion industry.
Otrium’s innovative business model and technology infrastructure have enabled the company to disrupt the traditional fashion outlet market and provide a unique shopping experience for customers. As the company continues to expand and innovate, it is well-positioned to become a leading player in the online fashion industry.
Conclusion
Amsterdambased Otrium’s recent Series C funding round is a significant milestone for the company. The additional funding will enable Otrium to accelerate its growth and expand into new markets. With its commitment to sustainability and ethical fashion, Otrium is well-positioned to disrupt the traditional fashion industry and provide a unique shopping experience for customers. As the company continues to expand and innovate, it will likely become a leading online fashion industry player.
