Lyst, the fashion search engine, has confirmed that it has secured $85m in investment ahead of a potential float later this year.
The London-based business has secured Fidelity International, Novator Capital, Giano Capital and C4 Ventures as backers, adding to a list of investors that also includes luxury group LVMH and Draper Esprit.
Lyst was founded in 2010 and directs fashion shoppers to big brands and retailers and says that it has 150m users of its app. Its biggest markets are the US and Europe but the company said there was plenty of room for global growth.
Lyst co-founder and CEO Chris Morton said: “While our app and website already enjoy very large audiences in the USA and Europe, fashion e-commerce remains under-penetrated in general, with huge growth potential globally.”
He added that the funds raised would be used “to continue personalising the fashion shopping experience to each of our millions of customers”.
To boost its top team Lyst has also appointed former Spotify product director for mobile apps Mateo Rondo as chief product officer. Chief people officer Emma McFerran has also been promoted to chief operating officer and joins the board.
News of the investment first broke on Tuesday of this week. It is not known whether Lyst, which employs 180 staff and is headquartered in East London, will choose to float in London or New York.