European online footwear and bag retailer, Spartoo — the ‘Zappos of Europe’ — has raised €25 million ($32.5 million) in Series C funding led by Belgian investment holding company Sofina. Existing investors A Plus Finance, CM-CIC Capital Privé, Highland Partners and Endeavour Vision also participated in the round. The company has raised €45 Million to date, since being founded back in 2006.
Spartoo said it plans to use the new funding to sustain “aggressive expansion” across the European market. The company is now profitable in its core French market, and has ramped up to become one of Europe’s largest online shoes and accessories retailers — using free and fast deliveries and returns to encourage shoppers to buy two million pairs of shoes last year in the 20 European countries in which it’s active.
Unique site visitors to Spartoo now number more than 12 million per month — up from more than 4 million unique back in 2009 — and the company has seen its international turnover multiply 20-fold over the past three years. The site offers shoppers a selection of more than 30,000 models from more than 700 brands.