A Copenhagen-based online fashion retailer forged out of the Just-Eat alumni called Miinto has just raised US$6m in Series A investment from Dawn Capital.
Doing what Just-Eat.com did for local food businesses Miinto is bringing bricks and mortar fashion boutiques online quickly and cheaply.
Miinto is the brainchild of Danish entrepreneurs Mike Radoor and Konrad Kierklo.
The company is currently present in seven markets worldwide and the latest investment by Dawn Capital will allow it to spearhead moves into a further several markets, Miinto CEO Morten Larsen said.
Dawn Capital is the insitutional investment firm that has invested in over 100 companies, including fast-growth technolog-based businesses like Wonga.com, Mimecast, Virgin Media, Advertising.com, Vertisign and Self Trade. It specialises in supporting firms seeking expansion capital of up to stg£5m in the financial and technology media sectors.
“The agreement with Dawn prompts an even more aggressive development of our activities worldwide than initially contemplated, and we are very eager to sprint faster and take advantage of the current market opportunities.
“One strength of our company is that we have over 1,600 fashion buyers with expertise from the boutiques in our network, which means we always have the stock that people want,” Larsen said.
The managing director of Miinto in Ireland James Galvin, who was previously managing director of Just-Eat.ie said the investment by Dawn signifies belief among investors in what is a proven business model.
“We are delighted to have the support of Dawn Capital, and for Ireland it means we can continue focusing on rapidly developing our growth in the Irish market since our launch in May,” Galvin said.