Kennet buys into BuyVIP

The growth capital firm has led a €15m funding round into members-only shopping website BuyVIP which sells discount designer goods.

Kennet Partners has led a €15 million Series D funding round for private members shopping website BuyVIP.

New investor Kennet committed more than €11 million to the round, while the rest came from existing BuyVIP investors Bertelsmann Digital Media Investments, 3i Group, Molins Capital InversiÓn, and Active Capital Partners.

“Private buying club” BuyVIP, sells discount, end-of-the-line and rare designer goods, to its members. New members must be invited to join by an existing member.

With around 3.5 million users across Germany, Italy and Spain, BuyVIP plans to use the investment to expand its reach into other European countries.

 Within e-commerce, fashion is the fastest growing sub-segment with 34 percent growth year-on-year.

David Carratt

“Within e-commerce, fashion is the fastest growing sub-segment with 34 percent growth year-on-year,” Kennet managing director, David Carratt, said in a statement.

“BuyVIP has been growing at more than 300 percent per year,” he said.

This is Kennet's second deal since it appointed Hillel Zidel, formerly of ETV Capital and KPMG, as director at its London office. Last week it made a €6.5 million investment in GoViral, a global online distributor of branded video content.