On Wednesday, online fashion brands outlet store Otrium said it had raised $120 million from investors. The development comes ahead of its U.S. launch.
Amsterdam-based Otrium said in 2020 its revenues had tripled and that its registered members topped 3 million, with more than 300 fashion stores on its app.
Its partners includes ASICS, Karl Lagerfeld, Belstaff, Joseph, Reiss and Anine Bing.
“Our goal is to get as close as possible to eradicating unsold seasonal inventory,” said Milan Daniels, CEO and Otrium’s co-founder.
Otrium went on to add, its Series C funding round was led by BOND and Index Ventures, with continued backing from existing investor such as Eight Roads Ventures.