London-headquartered fashion search engine Lyst has raised $85 million (£60 million) to invest in growing the business ahead of a potential IPO.
The group’s website directs shoppers to various clothing and accessories sites, including brands such as Burberry and Valentino. It is among online businesses to see strong growth in the pandemic.
Lyst, which has over 150 million shoppers using its app, said new investors in the raise include certain funds managed by Fidelity International, Novator Capital, Giano Capital and C4 Ventures.
Those firms have come in alongside existing backers such as Draper Espirit and luxury goods giant LVMH.
The firm said it is a pre-IPO round of financing, but did not say when it plans to float and if that would be in London or New York. Its biggest markets are in the US and Europe.
Lyst chief executive Chris Morton, who founded the firm in 2010, said: “While our app and website already enjoy very large audiences in the USA and Europe, fashion ecommerce remains under-penetrated in general, with huge growth potential globally.”
He added that the raise would be used “to continue personalising the fashion shopping experience to each of our millions of customers”.
The company employs around 180 staff in the capital. It also said Mateo Rando joins as chief product officer, coming from Spotify where he was the product director for mobile apps globally. Chief people officer Emma McFerran is promoted to chief operating officer and joins the board.