The Hamburg-based IT service provider Fashion Cloud raised a total of 25 million euros in its latest financing round and gained a new important investor.
The round was led by the “European investment company specializing in growth capital” Verdane, the company, which specializes in digital B2B solutions, announced on Tuesday. In addition, “existing investors including Heartland also participated in the financing round”. According to Fashion Cloud, it intends to use the additional funds to further develop existing software solutions and to promote international expansion.
“The successful completion of our financing round enables Fashion Cloud to take the cooperation between retailers and suppliers to a new level,” explained René Schnellen, one of the company’s founders, in a statement. “The trust of our shareholders is confirmation that we are on the right track.”
The company has high hopes for the entry of the new investor Verdane: “With the support of Verdane’s network, Fashion Cloud will accelerate its international expansion. The aim is to improve cooperation between retailers and brands around the world. Verdane’s “extensive experience working with technology-oriented companies” is “particularly valuable as this fashion cloud provides solutions to some of the biggest challenges in the industry, such as data harmonization and content and data management”.
The company, which was founded in Hamburg in 2015, says it works with more than 20,000 retailers and 600 brands and has thus established itself as “Europe’s leading B2B solution for the wholesale industry”. Customers include “among others Zalando, Breuninger, Engelhorn as well as Hugo Boss, Scotch & Soda and Marc Cain”.