Its a big day today with the announcement of our series a investment from Dawn Capital.
JustEat and businesses like it, such as Delivery Hero, have proved that you can accelerate the adoption of online amongst local restaurants by solving their ordering problems. But it appears the same can be done with other niches. Thus Miinto is doing for ‘bricks and mortar’ fashion boutiques what the likes of JustEat does for restaurants: it gets them online quickly, cheaply and efficiently. Indeed, there is more than a passing comparison since Miinto’s team and investors are heavily drawn from the Just Eat alumni. That combination has, claims Miinto, led to substantial growth, which has in turn led to the startup securing a $6M Series A investment from Dawn Capital out of London.
The cash will be used to accelerate the company through launching in new markets and further investment in its platform. Norman Fiore, Managing Partner at Dawn Capital will join the board. Miinto currently operates in Denmark, Sweden, Norway, USA, the Netherlands, the United Kingdom and Ireland. It claims to be exceeding €50m in turnover.
Morten Larsen CEO of Miinto says the company has over 1,600 fashion buyers with expertise from the boutiques in which they “always have the stock that people want.”
Miinto was developed by two Danish entrepreneurs, Mike Radoor and Konrad Kierklo. They got initial investment from Carsten Mikkelsen, an angel investor in London who also invested in JustEat, and Jesper Buch, who actually is a co-founder of JustEat. It launched first in spring 2009 in Denmark.
Dawn Capital has invested in Wonga.com, Mimecast and previously Virgin Media, Advertising.com, Verisign and Self Trade.