dstore cashed up for Christmas
- — 20 December, 1999 17:44
Investors have backed online retailer, dstore, to the tune of four and a half million dollars.
The investment, by traditional clothing retailer, Sussan and venture capital firms AMWIN Management, JGL Investments and Hochma Development Fund, brings the total capital raised by dstore to $6.6 million.
Earlier this year, dstore received three quarters of a million dollars from both Looksmart International and offline sports retailer Rebel Sports.
Sussan, AMWIN, JGL and Hochma have agreed to make strategic investments in dstore's growth and development as part of the capital raising conducted by corporate advisory firm, Hindal Corporate.
Three of the investors each contributed at least $1 million.
According to of dstore CEO, David Gold, the partnership will dramatically boost the company's growth plans.
"We are excited by the powerful backing we have received from some of Australia's big names in the financial and retail industries. Investor confidence in dstore allows us to continue to develop a fresh approach to online shopping which has been sorely lacking in Australia."
The announcement follows dstore's recent equity swap with leading online gift site Wishlist.com.au and its acquisition of Toybox.com.
"We will continue to aggressively grow our business and expand our offerings in partnership with some of Australia's most recognised online retailers. Our efforts are already paying off with sales exceeding growth estimates by 100 per cent," Gold said.