Farfetch, a fashion startup based in London, has raised a large new round of funding, according to sources familiar with the company. The round, which sources say is worth $40 million, is expected to close this week. Rumors of the company raising $66 million have swirled since March. The company previously raised $42.5 million over three rounds of funding from Index Ventures, Advent Venture Partners, E.ventures, and Conde Nast.
Farfetch, an online marketplace for independent fashion boutiques, has raised $66 million led by private equity firm Vitruvian Partners, with existing investors Condé Nast International and Advent Ventures also participating in the round. New investor Richard Chen, venture partner at Chinese VC firm Ceyuan, was part of the round. The company had previously raised funding in 2012, led by Index Ventures. The London-based company says the investment will be used to fuel the company’s international growth in the U.S., Brazil and Asia, as well as its omni-channel strategy. Launched in 2008, Farfetch.com is an e-commerce site that brings independent fashion boutiques from Europe and North America under one roof. The site curates a network of online boutiques from designer brands like Fendi, Gucci, and Chloé as well as from emerging designers. Currently, more than 300 boutiques, from Paris, New York and Milan to Bucharest, Helsinki and Honolulu list on the site, which offers clothing for both men and women.