OPUMO secures backing of North-East Venture

OPUMO

OPUMO, the zero inventory online fashion and lifestyle store, has secured £800,000 backing from Scandinavian multi-stage investment fund North-East Venture.

The backing comes hot on the heels of a successful crowdfunding round with Crowdcube staged in February of this year where it raised almost £400,000 against its target of £350,000.

Founded in 2017 by entreprenuers Nick Ayoub and Harry Beattie, OPUMO is a data-driven, zero-inventory marketplace that enables brands to reach customers looking to discover and shop the latest fashion, art, furniture, home technology and lighting. It is powered by a mix of commerce, content, and community.

The London-based firm will be the latest sustainably-focused tech business in the North-East Venture portfolio, which currently includes the likes of ARKK Copenhagen and Mater – both of which are featured on the OPUMO platform.

Martin Lumbye, CEO of North-East Venture, said: “In OPUMO we’ve found a rare combination of business skills and understanding of the market and a truly exquisite eye for what their audience is looking for. Our hopes and ambitions for OPUMO are very high and we look forward to working closely with the company’s management team to fulfil its potential.”

OPUMO aims to use the funds to build out its tech and marketing teams in order to “revolutionise the user experience and enable its time-poor customers and hand-picked brands to cut through the noise of online shopping”. It will also invest in its editorial output and membership scheme.