Germany’s Lesara raises $40m in series C funding for business expansion
German online fashion and lifestyle retailer Lesara has secured $40m in series C funding round led by new and existing investors in the US and the UK.
Through the funding, the direct-to-consumer retailer intends to carry out its expansion programme in Sweden, Denmark, Spain, Belgium and the UK.
The latest capital investment increases the total funds raised by the company to $60m.
Lesara CEO and founder Roman Kirsch said: "The entire Lesara team puts in a vast amount of effort every day to grow our expansion and to continuously improve the shopping experience for our customers.
"The ongoing support and confidence from our existing investors, as well as new ones, is a confirmation for us, that they believe in our vision and potential just as much as we do and is, therefore, both reward and incentive to keep on going because there is still a lot we want to achieve.
“We have only started to see the big disruption coming from agile retail and digitalisation of commerce."
The company leverages an agile retail model to have efficient operations in place by analysing external and internal data to ascertain what products are sought after by shoppers.
After detecting a trend, the retailer gets products designed before having them advertised in the online platform for customers.
Under the agile model, algorithms help in identifying product trends on a periodic basis as against the conventional practice of designing in bulk without taking consumer demand into consideration.
The funding is aimed at achieving more efficient production cycles and turnaround times.