Felix Capital et al. in $20m series-B round for Mirakl

The round was led by 83North, established in January 2015 as a spinout from Greylock IL. The London-headquartered firm is believed to have invested in Mirakl via its third fund. Targeting companies within the consumer and enterprise technology sector, the vehicle hit its $200m hard-cap at final close in January 2015.

Investing alongside the firm were entrepreneur Dave Strohm and Felix Capital. Sitting in the €5-10m region, Felix's contribution represents its largest capital deployment to date.

Felix drew equity from its $120m maiden fund. Launched in September 2014, Felix Capital I holds stakes in four companies aside from Mirakl: UK-based online retailer Farfetch; fashion media service Business of Fashion; streetwear brand Rad; and online food marketplace La Ruche Qui Dit Oui, backed with a €8m series-B round in June. 

Speaking to unquote", Felix explained it started following Mirakl's performance a year ago as it considered opportunities within the online marketplace technologies sector. Negotiations for the deal were competitive, as there was significant appetite for Mirakl, which the VC attributes to the lack of a competitor for the business in the US market, among other factors.

The technology company, which set up an office in Boston in 2014, intends to prioritise growth in the US amid expectations for e-commerce to represent a $2.39tn market worldwide by 2018.

The large-scale funding round for an online retail platform is the second to be announced in the past few days. Earlier this week, Partech Ventures took part in a $60m capital injection for furniture retailer Made.com.

Previous funding
Mirakl first received institutional funding in December 2012, when French VC Elaia Partners teamed up with business angels Xavier Niel and Laurent Dassault for a €2.2m early-stage round for the business, according to unquote" data.

Company
Founded in 2012 by Philippe Corrot and Adrien Nussenbaum, Mirakl develops software-as-a-service (SaaS) online marketplace technologies used by customers within the B2B and B2C e-commerce and media sectors, such as Halfords and Galeries Lafayette.

Headquartered in Paris, Mirakl began operating in the US market in 2014, when the first office was set up in Boston. The business claims to have experienced a 200% growth between 2013 and 2014.

People
83North was represented by partner Laurel Bowden. Meanwhile, Felix founder Frederic Court led the deal on behalf of the VC. Philippe Corrot and Adrien Nussenbaum both co-founded Mirakl, the former being its CEO and the latter holding the same position for the company's US operations.

Advisers
Equity – Jones Day (Legal); Grant Thornton (Financial due diligence).

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