Vasquiat, the Spanish fashion marketplace led by Rafa Blanc and influencer Blanca Miró, has recently secured a funding round that raised a total of €770,000. Founded in Barcelona in 2018, the company is focused on advancing its technology and expanding internationally to drive growth.

The funding round included €400,000 raised through Dozen, an online investment platform founded by Ramón Salvor, as well as an additional €370,000 pledged by a group of investors, including Crèdit Andorrà bank.

Originally, Vasquiat operated as an invite-only fashion e-tail club with a pre-order format, but it has since shifted its business model. In 2019, it completed a funding round worth €350,000, which allowed for operational expansion. Currently, the marketplace features 120 designers and aims to increase that number to 1,000.

Rafa Blanc, CEO of Vasquiat, stated that the company receives around 100 applications per month from designers looking to join the platform. The marketplace charges a commission on the sales generated by the labels featured on the site, which include popular brands such as Helmsted, Arizona Love, Filles à Papa, and La Veste. The selection of these brands is overseen by influencer Blanca Miró, who seeks out internationally-focused labels with a strong brand image that aligns with Vasquiat’s target audience.

Blanc emphasized Vasquiat’s goal of becoming a strategic partner for designers, particularly for emerging talents that may not have the resources to sell internationally. To achieve this, the company has evolved its business model and moved away from its invitation-only customer recruitment strategy. It has also expanded its offering by including seasonal collections in its catalog. Currently, pre-order sales make up 30% of Vasquiat’s total revenue.

Despite the challenges posed by the pandemic, Vasquiat has maintained a 10% monthly growth rate and has not experienced a negative impact on its business. With a team of 12, the company plans to enhance its services to labels and improve its technological capabilities in 2021. Vasquiat is currently in the process of developing its own app, which is set to be launched in 2022.

While keeping a close eye on industry leaders like Farfetch, MyTheresa, and Net-a-Porter, Vasquiat believes in its niche market. The company’s customers are typically younger than those of other e-tailers, and it primarily targets the USA, Germany, the UK, France, Spain, and Italy. Sales outside of Spain account for 85% of Vasquiat’s total, with Barcelona-rooted labels contributing to 30% of its sales.

Vasquiat aims to triple its sales from 2020 and surpass the €1 million threshold in the current financial year. The company plans to sustain this growth rate in the following years as well, with its focus on technology and internationalization positioning it for further success in the fashion marketplace.

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