I have no idea if Lady Gaga, Jessica Alba or Cameron Diaz have good taste. But whoever is designing their fashion accessories is also selling pieces on Boticca.com. The London-based startup that launched it’s high-end designer marketplace in October 2010 has been getting quite a bit of attention from investors over the last few months. Finally, the team is announcing that it has closed a £1.5 million (or $2.5 million) round – primarily for developing editorial content, additional market channels and adding new people to the team.
This first round of funding for the company comes from a rather international bunch of investors – including France’s entrepreneur fund ISAI (who is also an investor in InstantLuxe, a luxury goods marketplace), Bobby Yazdani, the founders of Links of London and Japan’s Digital Garage.
However, even if the company hasn’t made any official announcements regarding its international development strategy, there is a very clear international component to this round of funding. Boticca founders Kiyan Foroughi and Avid Larizadeh have developed a base of over 4,000 different pieces, made by 180 designers from 30 different countries. Plus, roughly 60% of all transactions are intercontinental – with customers spending on average £100 (or $164) per transaction. It’s evident that Boticca’s international dimension plays a key role in the company’s business, in addition to the common advantages associated with an online marketplace and e-commerce platform.
For international designers, opening a boutique on Boticca’s platform is completely free – the company only takes a 25% cut of each sale. Yet, unlike other online marketplaces, Boticca is very selective about which designers can actually sell via the platform. Designers can apply by filling out this application.