The policy lets overseas e-retailers sell into China without animal testing, but companies still need help entering the China market.
This recent round steps up the total raised by the retailer to $58.4 million.
Web-only shoe retailer Spartoo launched in 2006 in France. In those six years it has become profitable in that country and also expanded to sell in 20 European counties, the retailer says. And now it can add an additional $32.4 million in funding to its list of milestones.
The retailer announced the Series C funding this week. Belgium-based investment holding company Sofina led the round, along with existing investors Paris-based A Plus Finance and CM-CIC Capital Privé, as well as Highland Partners of Piedmont, CA, and Endeavour Vision of Geneva, Switzerland. This most recent funding brings the total amount of capital Spartoo has raised to $58.4 million.
Spartoo says it will use the funds to sustain its expansion across Europe. Last year, Spartoo sold 2 million pairs of shoes to consumers throughout the continent, it says. The retailer sells more than 30,000 SKUs from 700 brands online via its nearly 30 country- and language-specific sites for such countries as Italy, Germany, Spain and the U.K.
Spartoo’s revenue increased to 100 million euros (US$130 million) in 2011, up from 60 million (US$78 million) in 2010, CEO Boris Saragaglia told Internet Retailer earlier this year. At the time, he predicted sales would climb to between 130 and 150 million euros (US$170-$195 million) this year and said Spartoo was looking to raise 100 million euros (US$130 million) to fund a plan of stepped-up marketing with the aim of connecting with consumers in each country in which it operates.
Spartoo.com is No. 119 in the Internet Retailer Top 400 Europe guide.