Online retailer miinto rings up new funding round

Danish e-commerce business miinto has secured $6 million (£3.8 million) of first round funding to allow it to move into new markets.

London-based Dawn Capital has led the Series A round and will now support miinto in its plans to invest the capital in proprietary technology and products.

Online retailer miinto, which says it is doing for ‘bricks and mortar’ fashion boutiques what Just-Eat.com has done for local food businesses, was founded by Danish entrepreneurs Mike Radoor and Konrad Kierklo.

It has since received angel investments from Just-Eat.com backer Carsten Mikkelsen and Jesper Buch, a co-founder of Just-Eat.com.

The investment sees Miinto join a portfolio which also includes stakes in Wonga and Mimecast.

As part of the deal, Dawn Capital managing partner Norman Fiore will join the board of Miinto.

Morton Larsen, CEO of miinto, says that the funding round will allow the business to pursue an even more ‘aggressive development’ of its worldwide activities.

He adds, ‘One strength of our company is that we have over 1,600 fashion buyers with expertise from the boutiques in our network, which means we always have the stock that people want.’

Dawn Capital’s last deal came in April when it followed up its Series A investment in Bathrooms.com by participating in the online bathroom furniture and fixtures seller’s £7.5 million second round funding alongside Augmentum Capital

Dawn Capital’s Fiore comments, ‘Europe has a clear comparative advantage in e-commerce and miinto is a star performer in online fashion retail.

‘Fashion continues to feature highly on search terms and miinto’s business model has some clear advantages. We are very impressed with the growth that Morten is achieving and the team he has assembled.’