Notonthehighstreet.com Grabs Series E Funds
The news comes as the company posts year-on-year sales growth of 19% – its tenth consecutive year of double-digit growth.
The funding round (Series E) was led by Hubert Burda Media (“Burda”), one of Europe’s leading media and technology companies, with additional support from existing investors including Index Ventures, Industry Ventures and Eight Roads Ventures. Notonthehighstreet.com will use the funds to:
- Further invest in the technology, innovation, marketing and operations that allow the company’s 5,000 strong and growing Partner (seller) community to connect with more customers and scale their businesses using Notonthehighstreet.com’s technology platform
- Continue to build Notonthehighstreet.com’s core gifting offer, expanding categories and developing the customer experience both on and offline
- Open up Partners’ access to new markets, and build the business’ international vision
Notonthehighstreet.com CEO Simon Belsham commented:
"Notonthehighstreet.com was born out of the belief that customers want products that are more thoughtful, unique and personal and that, through technology, we could connect thousands of independent businesses – the makers of these great products – with customers around the world.
This purpose remains even more relevant today in a world where customers are craving something more than the ubiquity of the mass market.
"Finding an investor that shared our vision and could provide strategic support, as well as new funds to support our multi year growth plan, was key. Burda has a longstanding reputation as an investor in cutting-edge consumer and technology businesses and an international reach that will help us accelerate the potential we see both at home and overseas."
Martin Weiss, Managing Director at Burda Principal Investments said:
"Notonthehighstreet.com has built up a very successful Ecommerce business beyond the classic retail model that fits very well with our portfolio. We see significant growth potential for this unique business, both in and outside the UK, making it an obvious partner for us as we continue to grow our portfolio of consumer and technology brands internationally."
Hubert Burda Media currently holds a portfolio of consumer-related digital businesses and has a track record investing in entrepreneurial companies with a clear vision for growth and innovation. Current investments include XING, the number one business network in Germany and Europe.
Burda is behind one of Europe’s biggest and most influential digital and innovation conferences, DLD (Digital Life Design) and publishes a number of key media titles including Wedding and Your Home in the UK, as well as Elle, Elle Decoration, and InStyle in Germany, which will benefit Notonthehighstreet.com as it looks to grow the brand further at home and abroad.
The investment comes as the retailer reports a period of strong sales for the 12 months to 31st March 2016. During this period the company grew Full Year TTV by 19%, with underlying EBITDA loss of £1.6m compared to an EBITDA loss of £3.0m for the same period for the previous year. It also made a number of senior hires to drive the business as it enters its second decade of trading and embarks on its accelerated plan for growth. These appointments include: Simon Belsham, CEO; Darren Shapland, Chairman; David Phillips, CFO; Hugh Fahy, CTO; Hannah Webley-Smith, Customer Director. This newly formed team has a wealth of diverse and relevant experience in consumer industries and technology that will be vital in growing the business and allowing it to fulfil its potential.
Belsham added: “It has been an incredibly exciting twelve months for Notonthehighstreet.com, marked not only by this new investment but another year of strong growth and several significant senior hires that put strong foundations in place for continued success.”
Notonthehighstreet.com is the leading curated modern marketplace connecting the best small creative businesses, with the world. The brand has gained the trust and loyalty of its customers through offering an alternative to the High Street: a curated product selection with unique designs, high-quality craftsmanship and inspiring stories behind the people that make them.
Customers choose to support small creative businesses and therefore contribute to building the great creative talent and community of artisans across the United Kingdom. Shopping with Notonthehighstreet.com is an opportunity for customers to be a conscious consumer, bringing human values back into retail and enabling the things they buy to say something about who they are.
Founded in 2006 by Holly Tucker MBE and Sophie Cornish MBE, the brand has experienced exceptional growth with gross sales (TTV) in 2016 reaching £158 million and delivering a compound growth rate of 135% since launch. Under the leadership of newly appointed CEO Simon Belsham, there is renewed energy and focus on building a brand that will captivate customers for decades to come by supporting Partners’ growth and innovation.
With a team of over 250 at its headquarters in Silicon Upon Thames, South West London, Notonthehighstreet.com is Chaired by retail veteran Darren Shapland and backed by media and technology company, Hubert Burda Media and venture capitalists including Index Ventures, Industry Ventures and Eight Roads Ventures.