Iris, Isai sell InstantLuxe.com to Galeries Lafayette

Isai has been invested in the group since 2010 and Iris since 2013. Together, the VCs provided a total of €2.65m of funding.

Galeries Lafayette acquired 100% of the capital alongside founder Yann Le Floc'h and associated business partners.

While the acquisition is expected to help InstantLuxe.com strengthen its position in the sector, it will also help Galeries Lafayette expand its digital presence. The group will also introduce physical vending points for InstantLuxe within its stores.

Financial details of the transaction were not disclosed at this stage.

Previous funding
In April 2013, French venture capital firms Iris and Isai provided InstantLuxe.com with a €2m round of funding. Iris led the investment, which was notably used to develop a mobile application for InstantLuxe's marketplace.

In September 2010, Isai backed the group with €650,000 of funding through its first fund, Isai Developpement, a €24m internet-focused vehicle closed in April 2010. This first round of institutional fundraising allowed InstantLuxe to make its first marketing investments and to start working on a European expansion strategy.

Company
Founded in 2009 by Yann Le Folc'h and Clément Le Chatelier, InstantLuxe is an online marketplace that specialises in commercialising certified second-hand or pre-owned luxury goods. While sellers can advertise their products for free, the company generates revenue by charging a commission to the buyer.

InstantLuxe is headquartered in Paris.

People
Iris Capital – Sophie Dingreville (partner).
Isai Gestion – Jean-David Chamboredon (CEO).

Advisers
Vendors – Transaction R, Virginie Lazès (M&A); Chammas & Marcheteau, Denis Marcheteau, Anne Devèze (legal).

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