LVMH has reinvested in the fashion e-commerce platform developer at a $700m valuation, pushing its overall funding past the $200m mark.

UK-headquartered fashion e-commerce aggregator Lyst has received $85m in funding from investors including luxury goods provider LVMH at a valuation of nearly $700m, TechCrunch reported yesterday.

Investment and financial services group Fidelity, venture capital firms 14W, Accel, Balderton Capital, Draper Esprit, Venrex and C4 Ventures, investment firm Novator Capital and hedge fund manager Giano Capital also took part in the round.

Lyst runs an online platform which allows users to search thousands of fashion e-commerce sites at once for items, and it claims to have had 150 million unique users in 2020.

Chris Morton, founder and chief executive of Lyst, 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.

“We are excited to use this raise from top-tier investors to continue personalising the fashion shopping experience to each of our millions of customers, while helping our partner brands thrive.”

LVMH reportedly agreed to invest about $27m to lead a $60m round for the company in 2018, three years after it raised $40m from investors including LVMH owner Groupe Arnault, Accel, Balderton Capital, 14W and Draper Fisher Jurvetson (DFJ).

The 2015 round followed just over $20m from Balderton, DFJ, Accel, Venrex, SPA and angel investors Alex Zubillaga, Paul Forster and John Lindfors across three earlier rounds.

Robert Lavine

Robert Lavine is special features editor for Global Venturing.