Northzone heads 20 million investment in Outfittery

Northzone, one of the financial backers of Spotify, has led a 20 million dollars fundraising for German online fashion retailer Outfittery, joining a number of existing investors.

This is the third investment round for Outfittery, which had already attracted a total of 16.7 million euros in funding prior to this deal.

As noted by the company, previous backers Holtzbrinck Ventures, Mangrove Capital Partners, Highland Capital Partners and Fonds Kreativwirtschaft Berlin all increased their commitment as part of the round, adding to the investment made in an earlier stage by High-Tech Gründerfonds.

"North Zone allocates 100 percent of our belief that unconditional customer orientation and strong service culture are the key success factors for enterprises. Customers want to be a number in the system, but to be understood as human beings. For us, personal service is not a feature, but the heart and soul of our business. With North Zone we have the perfect partner by our side to revolutionize the menswear market permanently," said Julia Bösch, managing director and co-founder of Outfittery.

Also commenting the deal, Hans Otterling, Partner at North Zone, explained that "Outfittery, like Spotify, is a disruptive business model that rethinks a whole industry. We see Curated Shopping as the next evolution of e-commerce. With its vision and business model, Outfittery has achieved exceptional growth. We are impressed by the whole team and its dedicated customer focus."

Currently Outfittery is present in eight European markets and plans to open up new markets this year.