The German online fashion and lifestyle retailer announced Tuesday a 40 million dollars funding round led by new and existing investors in the U.S. and U.K. The venture capital will be dedicated to fuel the retailer's expansion into Sweden, Denmark, Spain, Belgium, and the UK.

As highlighted by the company, this round brings total funds raised by the company to date to 60 million dollars.

Roman Kirsch, CEO and founder of Lesara, said: “The ongoing support and confidence from our existing investors as well as new ones is a confirmation for us, that they believe in our vision and potential just as much as we do and is, therefore, both reward and incentive to keep on going because there is still a lot we want to achieve. We have only started to see the big disruption coming from agile retail and digitalization of commerce."

In 2016, Lesara saw 175 percent increase in revenue with over 1.5 million active customer base across Europe, reported the company earlier this week. The retailer's current inventory is comprised of 100,000 fashion and lifestyle goods and adds 2,000 styles every week.


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