Online fashion pureplayer Ssense has secured a minority investment from Sequoia Capital China, valueing the company at 5 billion Canadian dollars.
The Montreal-based e-commerce giant is one of the industry’s leading online stores representing a dedicated mix of emerging talent, established streetwear and luxury. The investment is the first round of external funding since the company was founded in 2003.
“Ssense was founded on the principles of challenging convention and using our platform to amplify the voices that are changing the way we see the world,” said CEO Rami Atallah in a statement to BetaKit, an independent publication dedicated to reporting on Canadian startups and tech innovation. “We’ve found a like-minded partner who shares our belief in pushing boundaries as we advance in our next stages of growth. “Together I’m confident we’ll strengthen the strategic, operational, and technological foundations to achieve our bold aspirations.”
Content and commerce, Ssense generates over 100 million pageviews per month
Ssense on its website states it generates an average of 100 million monthly page views to an audience of mainly 18 to 40 year olds. The company recently opened a distribution hub in Brussels, Belgium, to cater better to its European customers. Its minimalist website
“Under the leadership of brothers Rami, Firas, and Bassel Atallah, SSENSE has emerged as one of the leading online fashion platforms connecting brands with Millennials and Gen Z consumers around the world,” said Neil Shen, steward of Sequoia Capital as well as founding and managing partner of Sequoia Capital China.“We are thrilled to become the first outside investor and partner with SSENSE,” he added.
As part of the deal with Sequoia, venture partner for Sequoia Capital China, former China Vogue editor Angelica Cheung, is joining SSENSE’s board of directors. SSENSE plans to use the capital to further its global expansion goals. The company has a noted interest to accelerate its move into China.
“Sequoia is excited to support SSENSE in its continued global expansion and China acceleration,” said Shen. “The partnership represents another solid step in our efforts in supporting the fashion industry’s digitalization, backing visionary founders to transform and elevate the global fashion e-commerce experience to a new level.”
With 49 years in the investment landscape, Sequoia’s portfolio companies are said to have an aggregate, public market value of over 3.3 trillion dollars. Its investments span the likes of Apple, Google, Oracle, PayPal, LinkedIn, Stripe, Instagram, Yahoo, and WhatsApp. Sequoia Capital China has backed the likes of Alibaba, Didi, and DJI.
Article source: BetaKit