Online fashion retailer Spartoo bags $32.6m Series C round to boost its European expansion

Online footwear and bag retailer Spartoo has hit the money trail after the European startup announced that it closed a $32.6 million (€25 million) Series C round led by Belgian investment holding firm Sofina. The funding — which also includes input from existing investors A Plus Finance, CM-CIC Capital Privé, Highland Partners and Endeavour Vision — will be used to continue the six-year-old firm’s rapid expansion across Europe. Spartoo’s main focus to date has been France, where it says it is now profitable, and the enjoys a cumulative 12 million visitors per month, each of which flock to peruse the 30,000 shoes, bags and accessories on the site. “We are thrilled to partner with leading European institutional investors who endorse our growth strategy and are entirely supportive of our customer service strategy and our long term strategic vision”, said Boris Saragaglia, co-founder and CEO of Spartoo. The company, which says it is targeting a €50 billion market in Europe, previously raised $7.2 million (€5.5 million) in November of 2007, adding a Series B of $15.6 million (€12 million) in December 2010. The company says it sold 2 million pairs of shoes across 20 European countries last year. That impressive figure helped contribute to an impressive 20-fold increase in turnover over three years.