SPEAR Capital increases investment in online fashion retailer
SPEAR Capital, an international private equity firm with a focus on southern Africa, has increased its investment stake in South African online fashion retailer MyRunway.
Formerly called RunwaySale, MyRunway has warehouses in Cape Town and Johannesburg and ships more than 600,000 fashion items a year across South Africa.
The investment builds on the R100 million ($6.3 million) stake SPEAR Capital took in the company in early 2020 and is a testament to MyRunway’s ongoing growth and innovation over one of the most challenging economic periods in global history.
“When we formally announced our first investment in MyRunway last year, South Africa was still under one of the world’s harshest lockdowns, with ecommerce activity severely curtailed,” says Bryan Turner, partner, SPEAR Capital. “That obviously meant adapting a lot of the initial plans we’d developed with the MyRunway team. They rose to the challenge and have subsequently grown to the point where they’re no longer just taking on other players in the ecommerce space, but established brick-and-mortar retailers.”
“We’re proud to be a part of that growth story and I’m happy we have the opportunity to back that up by increasing our investment,” he adds.
MyRunway will use the additional investment to continue on its growth path and develop new features across the platform.
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