Trouva, the online destination for unique products from curators around the world, has successfully raised £17 million in further funding to accelerate international expansion. The funding was led by Octopus Ventures, alongside Downing Ventures and C4 Ventures, with BGF and LocalGlobe also participating in the round.
Launched in London in September 2015 and co-founded by Alex Loizou, Mandeep Singh and Glen Walker, Trouva enables customers to discover beautiful, hard-to-find products, handpicked by curators from Shoreditch to Stockholm. The marketplace connects its network of independent boutiques with a wider global customer base they wouldn’t otherwise have access to, powered by its proprietary software platform for bricks-and-mortar shops, handling everything from inventory management through to logistics.
Recently named as one of the five most exciting high-growth startups in the UK (Startups 100 Index 2019), Trouva plans to use the funding round, which includes the conversion of a £7 million convertible note, to accelerate its international expansion. The business first pushed into international markets in June 2018 with the launch of 20 Berlin boutiques. Since then, it has grown rapidly and now brings together over 200,000 products from more than 800 independents from over 300 towns and cities, including Paris, Lisbon, Rome and Barcelona. Today, 40% of Trouva’s retailer network is made up of bricks-and-mortar shops outside of the UK, across 12 European countries.
Along with continuing to build its network of independent boutiques, Trouva is also set to grow international demand, starting with the launch of its German website Trouva.de
Mandeep Singh, Co-founder at Trouva: “At Trouva, we envision a world where beautiful offline inventory is easily available to all. Over the last 12 months we’ve taken important steps in achieving this by further extending our platform to the greatest independents across Europe and nearly doubling our network of retailers, with top boutiques achieving hundreds of thousands of pounds of sales through Trouva.com. We will be using this latest investment to grow international demand and are excited to officially launch in Germany as we start to broaden our customer base and expand into new European markets.”
Michael Tefula, Associate at Downing Ventures commented: "The team at Trouva have done an incredible job to help independent boutiques thrive both online and on the high street, and we’re delighted to continue supporting their mission to make beautiful offline inventory easily available to all.
"Downing Ventures has nurtured a long-standing relationship with Trouva, having previously backed the company at an earlier stage. This is a great example of the type of support we can provide entrepreneurs at Downing Ventures, providing a ladder of funding that takes their business from the early stages through to growth."