Miinto raises €20M from existing investors for further expansion
The rapidly growing Danish fashion portal Miinto, an online platform connecting 1,800 fashion boutiques, brands, and designers in 13 countries, raises €20M in new capital from existing investors.
The new capital is earmarked for the continued international expansion of both new and existing markets as well as heavy investments in technology and products. The new capital arrives in the wake of great momentum at Miinto through 2020, which, among other things, led to the fashion platform reaching a milestone of 1BN DKK in revenue.
“It’s no secret that we have great growth ambitions. That’s why we really want to take advantage of the momentum we currently sustain, and we are proud and humbled by the continued support from our investors who still believe in our growth strategy,” explains Miinto’s founder and CEO, Konrad Kierklo.
With soaring sales across all markets combined with an increase in the number of local partner boutiques, now amounting to more than 1,800, Miinto raised its top line by 46% last fiscal year. This is a new growth record for the Danish fashion platform, where especially the second quarter of 2020 was beyond compare.
Strengthened development in coming years
The development hasn’t gone unnoticed by Heartland A/S, the holding company that owns the majority of Miinto.
“We have been on the journey since 2016, and the sensible development that the Miinto team delivers is something that we still want to support. At the same time, we believe that Miinto’s concept, where consumers connect with ‘real people’ from local boutiques, is a development that will continue to strengthen in coming years,” says Lise Kaae, CEO of Heartland A/S.
The special thing about the Miinto platform is that it enables consumers to shop from the best brick-and-mortar and local shops or brands in each country. This means that consumers currently have access to more than 10M products from the best international brands and leading boutiques across Europe.
Miinto has just recently expanded into five new markets, namely Germany, France, United Kingdom, Italy, and Spain. Miinto has already collaborated with boutiques from these markets for a while, but now the company has also opened for online sales in these five countries. That means Miinto can now offer existing partners to sell their products in the biggest markets in Europe.
“The international expansion is completely in line with our strategic focus on the combination of strong Scandinavian brands, vintage luxury bags, as well as international premium and luxury brands, which have proven to accelerate our growth internationally. This is the growth we now focus on accelerating further in coming years and what the new capital injection is, among other things, earmarked for,” explains Konrad Kierklo.
With the expansion into additional markets, Kierklo points out that the next year will be focused on developing existing partners as well as acquiring more partners to the platform.
Miinto has therefore invested heavily in optimizing integrations with partners. By delivering strengthened, stable, and fast integrations, Miinto strengthens the data foundation across all markets, providing unique insights into consumer demand both online and offline, which is a great advantage to Miinto as well as to its local partner boutiques.
Henrik Steen Hansen, press contact at Miinto
Miinto was established in 2009 and sells products via local fashion boutiques in 12 different countries, including Denmark, Sweden, Norway, the Netherlands, Belgium, Poland, Switzerland, Germany, Italy, France, the United Kingdom, and Spain. The company employs more than 200 employees across its headquarters in Copenhagen as well as regional offices in Oslo, Amsterdam, Warsaw, Paris, Hamburg, Milan, London, and Madrid.