Matt Bullock
07 July 2010
Online fashion retailer My-Wardrobe.com has received £6 million in venture capital to expand its operations.
The financial backing, provided by venture capital firm Balderton, represents the first institutional funding for the e-commerce site.
The website, which sells designer fashions, currently has a turnover around £10 million. The company's managers hope to have annual revenues exceeding £100 million by 2015.
My-Wardrobe.com was founded by Sarah Curran and her husband Andrew in 2006, in conjunction with a retail store called Powder. In 2007 the couple sold the brick-and-mortar store, and the website has continued to function purely as an e-commerce business.
Mrs Curran told the Telegraph that she and her husband sold Powder because "within a matter of months, My-Wardrobe was outperforming it."
"I was more excited about the online opportunity," she said.
My-Wardrobe currently stocks more than 180 fashion labels and has 87 full-time employees. The target of £100 million in five years feels accessible to the Currans because of the increase in international sales they expect to see in their online retail.
Balderton, one of the largest venture capital firms in Europe, manages about US$1.9 billion in committed venture capital.
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