Online fashion giant and Ragtrader Live speaker The Iconic has netted another round of investment in the millions, as it continues to grow its empire at a rapid rate.
The German-backed business, launched in late 2011, has received an additional $A28 million in planned funding from new investor Verlinvest – a family-owned Belgian investment holding company with a global focus on consumer and retail.
The Iconic also confirmed that existing shareholders – Investment AB Kinnevik, a global investor with interests in Europe, South America, Africa and Asia Pacific, and Summit Partners, a leading US-based growth equity firm – also participated in the fundraising, signalling investors’ confidence in the online retailer after a successful period of growth.
Other existing investors include J.P. Morgan, and global e-commerce incubator Rocket Internet.
The Iconic co-founder and managing director Adam Jacobs added that the new $A28 million round of financing, in addition to over $A50 million previously raised by The Iconic, completes the largest-ever investment into an Australian e-commerce venture.
“We are thrilled about the addition of a highly-respected investor in Verlinvest, and their vote of confidence in our performance and our strategy,” he said.
“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.
“As a business we are focused on positioning ourselves for the future, and are delivering on our goals for long-term sustainable growth. We believe in the fast-growing Australian e-commerce 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 number one fashion website with over four million 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.”
Verlinvest founder and chairman Frédéric de Mevius added that Verlinvest considers The Iconic a solid investment for the future.
“The Iconic management team has done an exceptional job of growing the company during the past year and we are 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.”
The coup follows a recent nomination for The Iconic 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”.