Trouva CEO Mandeep Singh has stood down from the online marketplace for independent boutiques he co-founded six years ago and has been replaced by his co-founder Alex Loizou.
Loizou had previously been chief technology officer and had taken on additional responsibilities lately and also held the role of chief product officer. Singh will remain on the company’s board but will no longer be involved in the day-to-day running of the business.
“Alex has been part of the journey from day one, and after our stellar 2019, and $22 million fundraising in November, I can’t think of anyone better to take the company I love to the next stage,” Singh said.
“In these times when independent stores across Europe have had to close their doors, I couldn’t be prouder of the work the team is doing to keep independents across Europe trading and thriving online.”
At the end of last year, Trouva secured a further £17 million in funding to fuel its international expansion.
The funding round was led by Octopus Ventures, alongside C4 Ventures and Downing Ventures, while BGF and LocalGlobe also participated.
The business expanded internationally for the first time in June 2018 with the launch of 20 Berlin boutiques. It has since grown rapidly and now brings together over 200,000 products from more than 800 independents from over 300 towns and cities, including Paris, Lisbon, Rome and Barcelona.
Today, around 40% of Trouva’s retailer network is made up of bricks-and-mortar shops outside of the UK, across 12 European countries.