Atterley, the online marketplace for fashion independents, has completed a £3m funding round with Maven Capital Partners and has revealed a Q1 sales leap of 200%.
The investment, which also includes commitments from Scottish Enterprise and existing shareholders will allow Atterley to execute its planned growth strategy with a key focus on developing its international footprint, particularly in the US.
Existing investors in the platform, which was founded by entrepreneur Mike Welch in 2016, include Sir Terry Leahy the former CEO of Tesco and Graeme Bissett the former Chairman at Blackcircles.com, a trailblazing e-commerce marketplace for the tyre industry also founded by Welch.
Atterley has grown to house 250 independent retailers from across the UK, Europe and US, and has around 3,000 brands. It ships both men’s and womenswear to 94 countries.
The company attributes the recent sales boom to strong repeat sales and new geographic markets with what Welch describes as a “slight tail wind” due to Covid and consumers needing to shop from home.
“This investment is a game changer for us and really sets us up for our next big phase of growth. We have always taken a test and learn approach to our investments in growth and that has not only kept us in control of our destiny as shareholders but has carried us through some of the most testing times for businesses that we have ever seen. I am excited that in partnership with Maven we will be able to accelerate our growth and capitalise on the massive market opportunity,” Welch said.
Maven Partner, David Milroy, added: “The retail sector is going through unprecedented change creating huge opportunities for online fashion marketplaces and we are delighted to be supporting one of the most exciting, Atterley. We were drawn to the company’s ethos which places its boutique partners front and centre and in doing so it is able to offer consumers a vast range of premium, emerging, and undiscovered labels expertly curated by some of the worlds most talented fashion buyers. We are very much looking forward to working with the Atterley team as they work to emulate their success building and exiting one of the UK’s first e-commerce marketplaces, Blackcircles.”
The Atterley team totals 20, with the recruitment of expertise in areas such as technology and supply chain cited as a focus for the new funds. Atterley CEO Kenny Baillie and COO James Eccleshall both worked for Welch at Blackcircles.com. In 2020 Atterley announced it had appointed shareholder and former Vogue Editor Alexandra Shulman as an advisor to its board; she will continue in her role.