Notonthehighstreet.com receives £6M term loan financing from Silicon Valley Bank to help accelerate growth
Client News | May 26, 2015
notonthehighstreet.com, the UK's largest curated online marketplace, announced today that it has secured a £6M term loan from Silicon Valley Bank, the bank of the world's most innovative businesses. The funding will be used to provide additional liquidity as the business continues to grow.
notonthehighstreet.com brings together over 5,000 of the UK's best small creative businesses offering over 170,000 original, inspirational lifestyle products, many of which are bespoke and made to order. Investors backing the business include Venrex Investment Management, Index Ventures, 83North, Fidelity Growth Partners and Industry Ventures LLC.
Andy Botha, CFO at notonthehighstreet.com, said: "Our business has continued to go from strength to strength and this financing will enable us to further our growth ambitions. We always aim to work with partners who truly understand our business model and the e-commerce sector in which we work. Silicon Valley Bank fulfils this aim by creatively supporting our financing needs and by understanding the demands of a modern business environment."
Andrew Hunter, Director at Silicon Valley Bank, said: "As one of the UK's fastest growing e-commerce businesses, notonthehighstreet.com has built a unique platform that engages small businesses in an innovative way. notonthehighstreet.com's management team have achieved impressive results over the last few years which have led to significant growth. We are excited to provide this funding to enable the business to execute its next growth phase."
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notonthehighstreet.com was founded in 2006 in South West London.
Bringing together more than 5,000 of the UK's most creative small businesses, this unique online department store offers more than 170,000 original, inspirational lifestyle products, many of which are bespoke and made to order.
notonthehighstreet.com is changing the face of UK enterprise by supporting growing small businesses offering a route to market for designer-makers who would otherwise struggle for custom or lose out in the battle with high street giants.
The business has grown from a turnover of £134,000 in its first year to £127M in 2014 and has scooped a host of awards, most recently coming 25th in the 2014 Deloitte Fast 50 – the UK's fastest growing technology companies. This is the third time notonthehighstreet.com has made the list following its first win in 2011, (ranked 8th) and the second in 2013 (ranked 12th).
The firm employs over 200 staff at its headquarters in Richmond Upon Thames, South West London.
Notonthehighstreet.com is backed by venture capitalists Venrex Investment Management, Index Ventures, 83North, Fidelity Growth Partners & Industry Ventures LLC.
For more information, please visit: www.notonthehighstreet.com
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