Otrium
| File:Otrium company logo.jpg | |
| Private | |
| ISIN | 🆔 |
| Industry | Fashion, retail, eCommerce |
| Founded 📆 | 2015[1] |
| Founder 👔 | Milan Daniels and Max Klijnstra[1] |
| Headquarters 🏙️ | Amsterdam, Netherlands[2] |
Area served 🗺️ | |
Key people | Milan Daniels (co-CEO) Max Klijnstra (co-CEO)[3] |
| Members | |
Number of employees | |
| 🌐 Website | us |
| 📇 Address | |
| 📞 telephone | |
Otrium is an Amsterdam, Netherlands-based developer of a technology platform used for selling end-of-season inventory for fashion and clothing brands.[2] The company was founded in 2015, and as of February 2022 reportedly featured over 300 fashion brands on its app.[4][3]
History[edit]
Otrium was founded in Amsterdam in 2015 by Max Klijnstra and Milan Daniels.[4] The pair had met in primary school, and started and sold a clothing brand Breaking Rocks in 2015. The idea behind Otrium started when they saw how hard it was to sell old inventory after selling their company.[5] Otrium's was designed to eradicate unsold inventory by giving brands a better option than simply offloading unsold inventory to discounters.[4] Klinjstra and Daniels became co-CEOs.[3]
In 2016, the company received a €200,000 growth capital investment investment from investors Hans Veldhuizen, Marque Joosten, Marijn Pijnenborg and Victor Knaap.[1]
In January 2018, Otrium received a €750,000 investment from investors Adriaan Mol, Fred Gehring and Ludo Onnink.[1]
In May 2019, the company raised €7 million in a series A, led by venture capital firm Index Ventures.[6]
In May 2020, the company raised $26 million in a Series B funding round, led by venture capital firm Eight Roads Ventures, with participation from existing investors venture capital firm Index Ventures and Dutch investor Hans Veldhuizen.[7]
In March 2021, the company raised $120 million in another funding round, led by venture capital firm Bond Capital and returning investor Index Ventures, with participation from existing investor Eight Roads Ventures.[8] The funding was earmarked for the company's United States expansion.[8] In November, the company launched in the United States.[9]
In February 2022, the British Fashion Council (BFC) announced Otrium as a Patron sponsor, to help the industry develop more sustainable business practices, and to help fashion brands with their environmental, social and corporate governance (ESG) efforts.[3] The deal included Otrium's co-CEO Milan Daniels joining the BFC's advisory board.[3]
Operations[edit]
The company is based in Amsterdam, and ships to 20 markets across the United States and Europe.[9] As of February 2022, the company reported over 3.5 million registered members, and over 300 fashion stores on its app.[4][3] Co-founders Max Klijnstra and Milan Daniels serve as co-CEOs.[3]
References[edit]
- ↑ 1.0 1.1 1.2 1.3 "Online fashion outlet Otrium receives €750k growth capital". Fashion Network. January 29, 2018. Retrieved February 14, 2022.
- ↑ 2.0 2.1 "Otrium raises $120m to go online with designer outlet shopping". Financial Times. March 30, 2021. Retrieved February 14, 2022.(subscription required)
- ↑ 3.0 3.1 3.2 3.3 3.4 3.5 3.6 "British Fashion Council announces Otrium as a new Patron". Fashion United. February 3, 2022. Retrieved February 15, 2022.
- ↑ 4.0 4.1 4.2 4.3 "After tripling its revenue in 2020, Amsterdam-based fashion e-commerce startup Otrium raises €102.3M". Silicon Canals. March 31, 2021. Retrieved February 14, 2022.
- ↑ "Otrium takes on fashion's excess stock problem". Sifted. May 2, 2019. Retrieved February 14, 2022.
- ↑ "Farfetch backer Index invests €7m in outlet disruptor Otrium as it grows fast". Fashion Network. May 9, 2019. Retrieved February 14, 2022.
- ↑ "Otrium raises $26 million to sell end-of-season fashion items". TechCrunch. March 27, 2020. Retrieved February 14, 2022.
- ↑ 8.0 8.1 "Otrium raises $120 million for its end-of-season fashion marketplace". TechCrunch. March 30, 2021. Retrieved February 15, 2022.
- ↑ 9.0 9.1 "Otrium launches into the US". Fashion United. November 4, 2021. Retrieved February 15, 2022.
External links[edit]
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