Fashion ecommerce platform Lyst has raised $40 million (£27 million) in a Series C funding round to expand its US and London operations.

The investors in the latest investment include LVMH’s controlling shareholder Groupe Arnault, Accel Partners, Balderton Capital, 14W, DFJ and a New York-based hedge fund.

Image: Lyst
Image: Lyst

Launched in 2011 in London, Lyst connects millions of shoppers globally with over 11,000 designers and stores using a single shopping basket.

The investment will support Lyst’s “continued internationalisation” and will be used to expand its operations in London and New York, said the firm.

Chris Morton, Lyst CEO, said: “This is an exciting time in our space and we are very proud to be at the centre of it. Our model has grown exponentially in the US and UK, and this round of funding allows us to take Lyst to fashion consumers around the world.”

He said: “We are already seeing a higher conversion by as much as five times through our universal cart - its widespread adoption by the industry’s leading brands and stores is a testament to the unique platform we have built and the volumes of sales it is generating.”

To date, Lyst has now raised $60 million in funding for its operations.