Otrium raises 120 million dollars

Online fashion outlet store Otrium has raised 120 million dollars from investors as it rolls out its United States launch and builds out its platform for selling end of season inventory. The Amsterdam-based company saw revenues triple in 2020, and was one of the few fashion companies that saw growth during 2020 as the world reckoned with the COVID-19 pandemic.

Otrium’s registered members also totaled 3 million last year, and currently they have over 300 fashion store partners. Major brands include Aspics, Reiss, Belstaff, and Karl Lagerfeld.

The Series C funding round was led by Bond and Index Ventures, with continued backing from existing investor Eight Roads Ventures. Last year, the company raised 24 million euros to help fuel international expansion in a Series B financing round.

The company was founded by Dutch entrepreneurs Milan Dnaiels and Max Kjinstra who were originally sweater designers. The company launched in 2015 and has grown rapidly as a new format for retailers to sell end-of-season stock.

“We believe that the fashion world will see a rebalancing in the next few years, with more sales being driven by iconic items that brands sell year after year, and will be less reliant on new seasonal launches,” co-founder and CEO Milan Daniels said in a statement.

Image: Otrium.com