Farfetch gets $1 billion tag as entrepreneur provides new funds for the marketplace
March 4, 2015 10:30 AM
(Bloomberg)—Farfetch, an online marketplace for fashion and luxury-goods retailers, said a fund founded by billionaire Yuri Milner helped provide $86 million of new financing in a transaction that values the company at $1 billion.
The investment was led by Milner’s DST Global, which also controls stakes in Internet companies including Facebook Inc., Twitter Inc. and Alibaba Group Holding, Farfetch said Wednesday in an emailed statement. The money will be used for international expansion, including sites in German, Korean and Spanish, and services such as same-day delivery, the London-based company said.
“Farfetch has a strong team, impressive growth and great potential,” Milner, 53, said in the statement.
Conde Nast International and Vitruvian Partners also participated in the latest funding round, which puts the total amount raised by Farfetch at more than $195 million.
The company’s investors also include Advent Ventures Partners, Index Ventures, Novel TMT and e.Ventures.
“The challenge now is to keep innovating and focus on establishing a long-lasting global brand,” Farfetch’s founder and CEO Jose Neves said in the statement.