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Draper Esprit joins $85m funding round in portfolio company, Lyst

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Draper Esprit is pleased to announce our participation in leading global fashion platform, Lyst’s most recent $85 million funding round.

Draper Esprit and several existing investors were joined in the round by new investors Fidelity International, Novator Capital, Giano Capital and C4 Ventures.

Lyst saw strong growth continue in 2020, with over 150m shoppers using the Lyst app and website to buy from an assortment of over 8m products from 17,000 brands and retailers. GMV last year exceeded $500m, following 1100% growth in new users on the Lyst app. Lifetime GMV is now over $2bn.

Chris Morton, CEO & Founder at Lyst, said:

“Lyst is rapidly becoming a fashion category leader, which hundreds of millions of fashion lovers rely on to decide what to buy. While our app and website already enjoy very large audiences in the USA & Europe, fashion ecommerce remains under-penetrated in general, with huge growth potential globally. We’re excited to use this raise from top-tier investors to continue personalising the fashion shopping experience to each of our millions of customers, while helping our partner brands thrive.”

Nicola McClafferty, Partner at Draper Esprit, added:

“Lyst has made huge progress over the past year with its industry leading app for the fast-growing online luxury fashion market – a trend which looks set to continue as consumers retain their newfound digital habits, and demand for fashion rises further post-pandemic. In recent years we have seen other high-growth fashion tech businesses taking the next step, and we believe Lyst is well positioned to capitalise on this market momentum. Draper Esprit has backed Lyst since Series A and we believe this latest round sets the business up for an exciting next phase.”