Lyst set to announce $85m funding ahead of IPO

Fashion search engine Lyst is said to be on the verge of announcing an $85m funding round as it prepares for an IPO.

According to Sky News, the London-based business will reveal tomorrow that top draw investors have join its list of backers, including Fidelity International and C4 Ventures.

Sources have told the news service that the fund raising is seen as a "pre-IPO" round with a float on the cards for later this year.

Lyst was founded by entrepreneurs Chris Morton and Seb Trepca in 2010 and links fashion shoppers up with brands and retailers globally. Its platform showcases 5 million products from 12,000 of the world’s leading brands and retailers.

Last year over 70 million shoppers from 120 countries chose to start their fashion shopping search on Lyst and the business analyses this data to provide detail fashion intelligence tracking consumer behaviour and fashion trends.

Investors in Lyst already include French luxury conglomerate LVMH, which first invested six years ago and upped its stake in 2018. Others include Draper Esprit, Accel and Balderton Capital along with former Net-A-Porter investor Carmen Busquets.