Secret Sales announces €10 million Series A funding round

Secret Sales, an online marketplace for fashion, footwear, accessories, beauty and homeware, has secured €10 million in Series A funding.

This was led by the family backed private equity and growth capital investor Perwyn Growth Capital and supported by Belerion Capital, an early stage investor in Asos, The Hut Group and boohoo.

Summer sandals are a must! Get yours on @Secretsales 🎉 save up to 70% pic.twitter.com/lqjIcDkAlO
— Secret Sales (@Secretsales) June 26, 2021

Secret Sales will use the cash to advance technological development, scaling its e-commerce platform as it aims to “compete as a huge global player in the discount retail space”.

It will expand its UK operation alongside launching in new territories in 2021, bringing hundreds more brands and retailers onboard.

The investment will also enable Secret Sales to improve data mining capabilities to boost user experience on the platform.

“Our Series A funding round from experienced investors validates the significant opportunity for our business model worldwide, and will allow us to meet increasing demand from brands and retailers looking for an upmarket, profitable and sustainable way to sell non full price inventory,” says Chris Griffin, CEO at Secret Sales.

“Following an exceptional first year, we are now ready to accelerate domestic and international operations, spearheading a new era for the discount sector.”

“Secret Sales is revolutionising the way brands deal with excess stock through a technology driven, capital light model,” comments Iain McDonald, Founder at Belerion Capital.

“We are very happy to support the team as the business begins its next stage of growth.”

“The opportunity exists for Secret Sales to partner with prestigious brands on a global basis to clear excess stock in a brand accretive manner and learn more about their customers at the same time."