Amsterdambased Otrium 120m Series C Funding
Otrium, which is based in Amsterdam and just finished a new round of funding that was led by both BOND and Index Ventures, has its headquarters in Amsterdam. Eight Roads Ventures also made a second investment in the business. The series C round of funding is expected to make it easier for Otrium to enter the US market, build up more capabilities for unsold fashion, and hire new people. Juliet de Baubigny, who is the general partner of BOND, will join the board of directors at Amsterdambased Otrium 120m Series C Funding as a result of the deal.
Liz Bacelar, the Global Executive Director of IT Innovation for Estee Lauder, says that the rise in online shopping caused by the pandemic could increase online sales by up to 25% in the next few years. Bacelar made this prediction after noticing that online shopping had gone up because of the pandemic.
Most outlet stores aren’t connected to e-commerce, and Otrium could help this market grow. About 12% of all the clothes that are being made right now are still in stock and haven’t been sold yet. To put that in perspective, that’s the same as 230 million clothes in Germany, which has more than 80 million people.
Amsterdambased Otrium 120m Series C Funding goal is to bring this number down. It already has 300 fashion businesses built into its app; 3 million people signed up for the service; and partnerships with well-known brands like Karl Lagerfeld, Joseph, Anine Bing, Belstaff, Reiss, and ASICS. Even when they sell things from past seasons through Otrium, they still have full control over the price, how the items are shown, and who can see them.
Learn More About the Amsterdambased Otrium 120m Series C Funding
Amsterdambased Otrium 120m Series C Funding, which is based in Amsterdam, just put out a set of extended analytics services for brands that help with forecasting and also help couture designers find closets for their collections. By using this platform, Otrium partners learn more about what sells and what doesn’t, which helps them figure out what could be the next big thing in their stores.
Milan Daniels, CEO and co-founder of Otrium, says,
“We work with brands to help them figure out which of their products will stand the test of time, at what price, and in what quantities.” “We work with companies to help them figure out which of their products will last.“
Otrium, the end-to-end marketplace for end-of-season fashion, announced today that it has received about €102.3 million in Series C funding, that it has launched in the United States, and that it has added new features that are meant to reduce the amount of unsold fashion in the future. Amsterdambased Otrium 120m Series C Funding has also said that its sales have grown by a factor of three by the year 2020, that it has more than 3 million registered users, and that its app now has more than 300 fashion retailers.
Otrium Has Recently Received Funding.
The most recent round of funding was led by BOND and Index Ventures. BOND also backs Nextdoor and Canva (ASOS, Net-a-Porter, Farfetch, Glossier). Also, Eight Roads Ventures stayed in the round, and Juliet de Baubigny, a general partner at BOND, will be joining the board of directors of Otrium. With the new funding, Otrium will be able to grow faster in the US, work faster on its technology platform, and help more people find jobs.
Amsterdambased Otrium 120m Series C Funding was started in 2016. It works with the fashion industry to make sure that every piece of clothing is worn. The company does this by helping to find buyers for each piece that has already been made. It also gives brands the tools they need to create lines that they know will sell. When fashion houses sell their end-of-season collections on Otrium, they have full control over the pricing, merchandising, and visibility of their extra stock. About 12% of all the clothes that are made are never sold.
Conclusion
“Our goal is to get as close as possible to getting rid of all the seasonal stock that hasn’t been sold. To start, we help fashion brands make the most money possible from their clothes by finding buyers for items that might not sell otherwise and helping them find homes for these items.
Milan Daniels, CEO and co-founder of Otrium, said,
“Second, we use our in-depth analytics to help companies figure out which clothes will sell the most in the future, as well as how many and for what price.“
Amsterdambased Otrium 120m Series C Funding has added a new feature to its analytics platform that lets fashion companies look at past demand to see if their products are likely to be around for a long time and could become iconic for their brands. “We think the fashion industry will rebalance in the next few years, with more sales coming from iconic pieces that companies sell year after year and less coming from new seasonal releases.”
