Australia based The Iconic, one of the many ventures of Samwer Brothers’ German-based incubator Rocket Internet has recently raised a funding of USD 26 million as per the reports. The company will use the funding amount to increase its catalog of local and international fashion brands and enhance the services. The funding was raised by Verlinvest, a Belgian investment holding company, its existing shareholders Investment AB Kinnevik and Summit Partners.
Speaking to its occasion, Adam jacobs, co-founder and MD, The Iconic said that the company believes in fast growing Australian ecommerce industry and is working with a mission to provide Australians with the best online fashion. Previously, the startup raised around USD 46 million from JP Morgan and Rocket Internet.
According to Forrester, ecommerce market in Australia, which accounted for $ 30.2 bn 2011, is expected to reach $ 37.7 bn in 2013.
The Iconic positions itself as an online fashion store for Men, Women and kids. It provides wide range of apparel, footwear and other accessories and caters to growing online shoppers in Australia. The company offers free delivery to multiple cities and within 3 hours delivery in Sydney.
Rocket Internet is actually able to capture investors interest for growing apparel ecommerce in emerging markets as other online apparel focused ecommerce ventures of Rocket which raises funding recently includes Zalora (100 mn) and Lamoda (130 mn).
However, where The Iconic gives one reason for Rocket Internet to celebrate, it’s another venture – Airizu, has recently shut down its operations. Founded in 2011, Airizu was a Chinese clone of Airbnb and aimed to provide an online rental transaction platform to those who are comfortable to lend or share their apartments or homes for tourists and travellers for money.