Secret Sales, an online fashion and beauty discounter, has recently received €10 million (£8.5 million) in Series A funding to further expand its e-commerce platform. This funding round comes a year after the company was acquired by retail entrepreneurs Chris Griffin and Matt Purt.

With this new funding, Secret Sales plans to enter new markets and bring on board hundreds more brands and retailers. Currently, the platform offers 700 brands, but the company aims to expand into six additional countries within the next year.

CEO Chris Griffin is enthusiastic about the growth opportunities that lie ahead for Secret Sales, stating that they are ready to accelerate both domestic and international operations, leading a new era for the discount sector.

The Series A funding round was led by Perwyn Growth Capital, a private equity and growth capital investor. Belerion Capital, an e-commerce investment specialist and early-stage investor in ASOS, The Hut Group, and Boohoo, also supported the funding. Ravi Sharma, partner at Perwyn, expressed confidence in Secret Sales’ management team and their ability to further scale the business.

Iain McDonald, founder at Belerion Capital, praised Secret Sales for revolutionizing how brands deal with excess stock through its technology-driven, capital light model. Belerion Capital is pleased to support the team as they enter the next phase of growth.

This funding round for Secret Sales highlights the significant opportunity for the company’s business model on a global scale. The investment will allow Secret Sales to meet the growing demand from brands and retailers seeking a profitable and sustainable way to sell non-full-price inventory. With its expansion plans and focus on delivering a unique discount shopping experience, Secret Sales aims to remain a leader in the booming fashion and beauty sector.

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