Lyst, a UK based portal that enables high fashion brands and stores to sell directly to users, has raised $85 million.

The company, founded in 2020, said it currently has 150 million users browsing a catalogue of 17,000 brands and retailers.

Lyst said its gross merchandise volume (GMV) exceeded $500 million for 2020 following 1100 per cent growth in new users on its app, and that it’s lifetime GMV is now over $2 billion.

The company described the funding as pre-initial public offering (IPO).

Brands available on the platform include Balenciaga, Balmain, Bottega Veneta, Burberry, Fendi, Gucci, Moncler, and Valentino

Investors in the round included Fidelity International, Novator Capital, Giano Capital and C4 Ventures.

They joined existing backers LVMH, Draper Esprit, 14W, Accel, Balderton Capital, and Venrex.

Lyst also named former Spotify executive Mateo Rando as its new chief product officer (CPO), who will have responsibility for improving the mobile application.

The e-commerce platform did not cite a valuation, though sources close to matter said it was around $700 million.

“Lyst has made huge progress over the past year with its industry leading app for the fast- growing online luxury fashion market – a trend which looks set to continue as consumers retain their newfound digital habits, and demand for fashion rises further post-pandemic,” said Nicola McClafferty, a partner at Draper Esprit. “In recent years we have seen other high-growth fashion tech businesses taking the next step, and we believe Lyst is well positioned to capitalise on this market momentum. “

Chris Morton, chief executive and founder, said: “While our app and website already enjoy very large audiences in the USA & Europe, fashion ecommerce remains under-penetrated in general, with huge growth potential globally.

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