Re:store acquires Trouva from NEXT
London-based Trouva, which was acquired by MADE in May 2022, has been bought by the online marketplace Re:store.
For the second time in a matter of months, the loss-making Trouva has switched hands, this time from NEXT via its acquisition of MADE. The full terms of the deal have not yet been published publicly.
Trouva is an e-commerce platform that brings together independent brick-and-mortar boutique businesses and brands, making them widely available online.
The business launched in 2015 and now features 650 retailers, focusing on houseware, fashion, and lifestyle. These retailers can take advantage of Trouva's shipping network, which includes 38 countries.
MADE's previous acquisition of Trouva aimed to efficiently scale its curated marketplace offering, and avoid some anticipated capex spend. The total cash flow on the combined acquisition consideration and capex was expected to be £13-18 million for 2022. The acquisition was fully funded by cash and was expected to deliver a strong return on investment.
Prior to this, Trouva had raised £34.4 million ($41.1 million) from five funding rounds via investors including Octopus Ventures, Downing Ventures, C4 Ventures, LocalGlobe, Index Ventures, and Playfair Capital.
Re:store was co-founded by Jon Reynolds, who was previously CEO and Co-founder of SwiftKey. Reynolds commented: “We’re excited by the opportunity to acquire Trouva and introduce our social commerce technology to Trouva’s fantastic boutiques and brands.
“We believe the future lies in enabling deeper connection and community online with authentic and passionate sellers, like those on the Trouva marketplace. We look forward to working with the Trouva team on delivering this shared vision and providing a fresh experience for independent retailers and their customers.”