Outlet disruptor Otrium has raised €7m ($7.8m) in a funding round led by Index Ventures, backer of Asos and Farfetch. The pair have since been garnered recognition, including making the 2019 Forbes Magazine 30 under 30 list for the best entrepreneurs. Index partner Danny Rimer joins the board. Otrium has a data-driven model for selling excess inventory delivering higher margins and giving brands more autonomy and flexibility. The company is targeting retailers with its platform that allows them to sell their surplus stock at prices lower than those charged by traditional retailers. Otrium has more than 100 brand partnerships. Victor Knapp founder of Mediamonks and Fred Gehring and Ludo Onnink, former CEO and CFO of Tommy Hilfiger Global were earlier investors.
Outlet disruptor Otrium has raised €7m ($7.8m) in a funding round led by Index Ventures, backer of Asos and Farfetch. Index partner Danny Rimer joins the board. Otrium has a data-driven model for selling excess inventory delivering higher margins and giving brands more autonomy and flexibility. The company is targeting retailers with its platform that allows them to sell their surplus stock at prices lower than those charged by traditional retailers. Otrium has more than 100 brand partnerships. Victor Knapp founder of Mediamonks and Fred Gehring and Ludo Onnink, former CEO and CFO of Tommy Hilfiger Global were earlier investors.