Swedish fashion eCommerce firm NA-KD has raised $45 million in a Series B funding round. Of those funds, reports TechCrunch, is $5 million that comes from a “cash in,” as the site terms it, from early shareholders.
The leader of the latest capital raise is Partech. TechCrunch noted there was additional participation from FJ Labs, with investments from backers who already hold investment positions, including eEquity, Jonas Norlander, Filip Engelbert and Northzone.
The funding will be used for growth initiatives, with an eye on millennials, and a launch of nine new localized sites across the U.S., the U.K. and select European markets — undertakings that will see hiring accelerate at the company.
TechCrunch reported that in just a few years after its 2015 founding as a direct-to-consumer women’s brand, NA-KD has said that it is among the most quoted brands on Instagram in Sweden and Germany. Its revenue on an annualized basis was around $75 million, as measured in 2017, and 150 percent over 2016’s levels.
Founder Jarno Vanhatapio said that “although we significantly improved the bottom-line results during 2017, international growth is still number one, two and three on our priority list for 2018. Our bottom-line results are moving toward profitability exactly as planned.”