- Angela Gonzalez-Rodriguez |
Women's premium plus size fashion brand Navabi has secured 25 million euros worth of funding in a fundraising effort led by Bauer Venture Partners and which included Navabi’s previous investors Index Ventures, Seventure Partners, DuMont Venture and Klaus Wecken.
As explained by both the company and investors, this round comprises a cash investment and advertising budget with Bauer Media. The latter will provide Navabi with access to leading consumer titles across its key European markets, as Bauer Media manages a portfolio of 600 magazines and more than 400 digital products.
This latest fund follows a 10 million pounds funding round led by Index Ventures in 2013.
The funding will be used for developing Navabi’s product offer, including its own labels which already account for a quarter of the company’s sales, as well as for international expansion.
Bauer Venture Partners leads cash and advertising investment round
Commenting the investment received, Bahman Nedaei, co-founder of Navabi, said: “We are thrilled to have Bauer Venture Partners on board as an investor. The combination of a cash investment and advertising budget makes total sense for Navabi at this stage of our growth. Bauer has great connections to female consumers and this deal will help us to expand and develop our offering, while reaching millions of potential new customers.”
Likewise, joint co-founder, Zahir Dehnadi, said: “The premium plus size market is the biggest untapped e-commerce sector and has the fastest growth rates in fashion. We are the pioneers and leaders in this market. We have grown rapidly over the past six years and have built an insanely passionate company. This latest fund will enable us to continue our mission of providing plus size women with the quality fashion they desire but the industry to date has largely failed to deliver.”
“Also, the deal with Bauer Media will place premium plus size fashion firmly in the mainstream media,” added Dehnadi.
According to Mintel recent research, the UK market alone is expected to grow to nearly 6 billion pounds this year (2015), up from 3.81 billion pounds in 2008.
Thomas Preuß, managing partner of Bauer Venture Partners, said: “Navabi is transforming ecommerce and fashion for so many women. This investment, for us, represents a firm belief in not only Navabi’s robust business model but also the company’s aim of providing plus size women with premium clothing apparel.”
In this regard, it must be highlighted that, since launching, Navabi has experienced growth rates per year of on average 120 percent. 30 percent of navabi’s turnover comes from the UK and other international markets. Co-founded in Germany by serial entrepreneurs Zahir Dehnadi and Bahman Nedaei in 2009, the company trades in more than 30 countries, including the UK, Germany, France and the US.
Dominique Vidal, partner at Index Ventures, said: “We are excited to continue our partnership with Navabi. By offering a sought after and premium product, navabi has established a very loyal customer base throughout Europe.”