London-based curated fashion platform Farfetch has raised $86 million in Series E round at a valuation of $1 billion. The investment was led by DST Global with participation from existing investors Conde Nast and Vitruvian Partners. Including this round, the firm has secured a total capital of around $200 million in 5 rounds from 6 investors.
As per a TechCrunch report, the raised funding will be used to expand the company’s operations globally. Founded in 2008, Farfetch brings together independent fashion boutiques to provide a selection of brands and styles. The company has offices in London, New York, Los Angeles, São Paulo and Porto. In 2014, it expanded to China, Russia and Japan from its core markets of Europe and the US.
It plans to continue building up those markets as well as to tap into further regions like Latin America, Germany, South Korea and Spain.
The company claims to bring together some 300 businesses with 450,000 users. The firm does not hold any inventory itself but works with stores to market the clothing and coordinate shipping prices and payments. It pulled in $300 million in sales last year.
DST Global is headed by Yuri Milner, who was an early investor in Tech companies like Facebook, Alibaba Group, and online home rental company Airbnb.