Designer Wardrobe completes $1.7m capital raising

Media release Tuesday, 23rd May 2017

Designer Wardrobe successfully completes $1.7m capital raising

Online buy, sell and rent fashion marketplace, Designer Wardrobe has successfully completed a $1.7m capital raise through private equity marketplace Snowball Effect. The raise received strong support from significant investors, including Stephen Tindall’s K1W1 and venture capital investor Aaron Bhatnagar, as well as solid interest from members of the public.

Around 1,300 investors had pre-registered for early access to the offer, many of whom were Designer Wardrobe's members and early adopters. The raise also received renewed support from existing Designer Wardrobe investors Simon Moutter and Shane Bradley.

Designer Wardrobe CEO, Aidan Bartlett said, “We are delighted with the result, and with the reception that the offer received from both private investors and the wider public. It has been fantastic to be able to share this opportunity with our members and network."

The capital raised will be used to grow the existing Designer Wardrobe business, as well as launching in Australia and opening the platform up to men’s and kids categories. The company also plans to purchase a substantial amount of clothing for the purpose of renting - a market that has had tremendous growth overseas.

Designer Wardrobe Chairman, Simon Moutter said, "The capital raise was an important step in strengthening our balance sheet to allow us to capitalise on the traction that we already have in market, and take the business to the next stage. We are pleased that investors have confidence in the team and the business strategy".

Designer Wardrobe was founded by Donielle Brooke in 2013. The platform now has a growing customer base of over 87,000 members with more than 26,000 listings and about 1.2 million page views per month. Of the raise, Donielle Brooke said “The new funding means that we can make our platform even better for our amazing community of fashion lovers and I couldn’t be more excited.“

To find out more information about Designer Wardrobe, please visit https://designerwardrobe.co.nz/

ENDS

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