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Tuesday 14 November 2017

Trouva trawls in $10m treasure trove

logoIt started life in 2013 as StreetHub, a ‘click and collect’ app for independent retailers (see StreetHub clicks and collects further funding). But since its rebranding, London-based Trouva has developed into an 350-store marketplace for UK independent retailers.

Multiple funding rounds later, Trouva has now bagged a further $10m in a Series A fundraising led by BGF Ventures alongside existing backers Index Ventures and Octopus Ventures. Various angels also participated. The funding will be used to further expansion, with an eye on overseas markets.

This is a very sensible idea backed by investors knowledgeable in the online retail marketplace. I am curious, though, about Trouva’s logistics business model, as they only charge a single delivery fee for any number of items purchased from any number of retailers in a single transaction. They also deliver to selected overseas countries on the same basis. Trouva’s standard UK shipping fee is just £1.95 (3-6 working days), with an option for guaranteed timed delivery for an extra fiver in parts of London. The retailers arrange delivery themselves but I assume have some sort of chargeback arrangement with Trouva, at least for the guaranteed time slot option, for which they use Shutl.

Anyway, I’m sure the Trouva team have convinced their backers how they can make money from all this.

Posted by Anthony Miller at '08:48' - Tagged: funding   startup  

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