Rocket Internet’s Australian online fashion retailer, The Iconic has today recieved an additional $25 million (AUD28 million), funds that will be used to fuel its continued growth path.
The $25 million round was led by a new investor Verlinvest, a family-owned Belgian investment holding company with a global focus on Consumer and Retail plus The Iconic’s existing shareholders Investment AB Kinnevik, a global investor with interests in Europe, South America, Africa and Asia-Pacific, and Summit Partners, a leading U.S. based growth equity firm, also participated in the fundraising, signaling investors’ confidence in the online retailer after a successful period of growth.
The new $25 million (AUD28m) round of financing, in addition to over $46 million (AUD50m) previously raised by THE ICONIC, completes the largest ever investment into an Australian e-commerce venture. Other existing investors include J.P. Morgan, and global e-commerce incubator Rocket Internet.
Frédéric de Mevius, Founder and Chairman of Verlinvest said THE ICONIC management team has done an exceptional job of growing the company during the past year and was happy to be investing in this great success story.
He said, “We have been working towards this investment for some months now and are pleased to confirm our participation.”
Please at the investment move, Adam Jacobs, Co-founder and Managing Director at THE ICONIC said,“We are thrilled about the addition of a highly respected investor in Verlinvest, and their vote of confidence in our performance and our strategy.”
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“This investment will allow us to further enhance our top range of local and international fashion brands, reinforce the convenience of our website, and build on our market-leading shipping and customer service,”Jacobs added.
According to Jacobs, The Iconic as a business is focused on positioning itself for the future, and is delivering on its goals for long-term sustainable growth.
“We believe in the fast growing Australian ecommerce industry and want to provide Australians with the best online fashion shop they can imagine. In only 18 months The Iconic has become Australia’s #1 fashion website with over 4m visitors per month. We have been overwhelmed by the positive response of our customers to our shopping experience, and look forward to setting the benchmark in Australian online retail for years to come.”
Founded in 2011, with over 500 brands and over 45,000 products and a three hour delivery policy, THE ICONIC has just been nominated as a finalist in three categories of the 2013 Online Retail Industry Awards: “Best Pure-Play Online Retailer”, “Best Social Commerce Initiative” and “Best Site Optimisation & Design”.
