Index et al. in £21m round for Notonthehighstreet

The round, which was led by trade investor Hubert Burda Media, will enable the company to invest in product development and marketing activity, as well as explore options for international expansion.

The investment round comes shortly after the business overhauled its senior management team with the appointments of a new CEO, chairperson, chief financial officer, chief technical officer and customer director.

Previous funding
Spark Ventures led an undisclosed early-stage funding round for Notonthehighstreet in 2007. The following year, the business received a £1m investment from Venrex Investment Management.

The company then received £7.5m of venture backing from Index and Greylock Partners in 2010. Two years later, Eight Roads (at the time known as Fidelity Growth Partners Europe) joined Index and Greylock in a £10m funding round.

Company
Founded in 2006, Notonthehighstreet is an online shopping platform that acts as an intermediary between buyers and small independent businesses, selling bespoke products including fashion, jewellery and homeware. The business generated an underlying EBITDA loss of £1.6m in the year to March 2016, an improvement on the £3m EBITDA loss the year before. In total, its platform processed £158m of transactions.

People
Burda – Martin Weiss (managing director).
Notonthehighstreet Enterprises – Simon Belsham (CEO); Darren Shapland (chair).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• Index Ventures
• Venture