Mangrove leads Lesara’s €5m series-A

Mangrove stated it invested significantly more than half of the total equity ticket from its Mangrove IV fund.

Simile Venture Partners, Cherry Ventures and Paua Ventures backed the company with approximately €1m in January this year. The venture capital firms were joined by US-based Funderguild, as well as entrepreneurs in the fashion retail sector.

The fresh funding will be used to expand the company internationally and to develop its logistics infrastructure.

Mangrove stated it had attempted to invest in founder Roman Kirsch's previous e-commerce start-up Casacanda, but he sold it to US company Fab.com before the process was finished. The VC takes a seat on the supervisory board.

According to the company, it expects to generate more than €10m in revenue in its first full year of operations.

The funding comes one week after online fashion retailer Zalando, backed by Investment AB Kinnevik, listed on the Frankfurt Stock Exchange. It set its share price at €21.50, but after five days of trading this has slumped to around €17.50.

Company
Founded in November 2013, Lesara sells fashion brands and jewellery for men, women and children. Headquartered in Berlin, it operates across Germany, Austria and Luxembourg. The 60-strong company sells its products direct from manufacturers at a discount of up to 80%. According to the business, 100,000 customers have already placed orders on the site.

People
Roman Kirsch is CEO and founder of Lesara. David Waroquier is partner at Mangrove Capital.

Adviser
Equity – Flick Gocke Schaumburg (Legal).

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