Early Asos and Boohoo-backer Belerion Capital was among the investors to lead the round.Clothing marketplace startup Secret Sales has raised $10 million in a round led by an early backer of fashion giants Asos and Boohoo despite a cooldown in investor interest in the sector.
"The platform was built to service a need from retailers and retain brand equity," CEO Chris Griffin told Insider. The aim is to allow brands to"attain new customers, and at the same time, turn discount inventory into a profitable model," Griffin added."Selling good branded fashion cheaply is not difficult — retaining equity is."
The Series B round was led by early Asos and Boohoo investor Belerion Capital, private equity firm Perwyn, and London venture studio Big Ideas Group. Secret Sales raised the funds in the midst of a slowdown in VC capital in the fashion technology sector, which boomed in 2021 when UK-based startups raised $361 millionThe startup claims it differentiates itself from competitors by ensuring it operates more sustainably and reduces waste while selling discounted stock.
The startup works with a range of retailers, from athletic brands such as Puma, to higher-end and luxury names such as Ted Baker and Kurt Geiger. It makes its money by taking a margin from retailers for its sales and customer experience services.
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