Lyst.com, a social commerce platform in fashion which launched in April 2011, announced that the company has raised $5 million in Series A financing Thursday, led by the venture capital firm DFJ Esprit, and with participation from Accel Partners, Alex Zubillaga and Venrex.
Lyst has been doubling its sales each month for the past three months, according to the press release, and the funding go towards developing relationships with prominent fashion houses and enhancing the customer's shopping experience.
Riding on the hot trend of social curation and fashion commerce, the site aggregates the inventories of thousands of brands and stores, which include Gucci and Alexander McQueen, and users subscribe to streams of products by following fashion notables and friends.
Nic Brisbourne, partner at DFJ Esprit, stated in the press release, “Social networking is part of all aspects of life today and fashion brands are keen to gain exposure through channels such as Facebook and Pinterest, with Lyst converting this exposure into purchases. The monies raised will be invested in development, marketing and partnerships to improve the user experience on Lyst and accelerate growth.”
According to WWD, “The average order is $300 and most users spend 14 minutes on the site, said Morton, who will soon relocate from Lyst’s London home office to its New York unit for at least six months.”
Fashion bloggers involved with Lyst includes The Man Repeller, Song of Style, Disney Roller Girl, Park & Cube, and Sincerely Jules.
Fashion companies continue to try and monetize off of consumers with social digital commerce, will bloggers follow suit? Will they soon have their own social commerce sites rather than just endorsing others?