Vashi seeks funding for retail expansion
Diamond e-tailer Vashi has launched an £850,000 fundraise on equity crowdfunding platform VentureFounders to raise capital for a high street presence.
With the bulk of the firm’s sales predominantly made online, Vashi is seeking to raise £850,000 in this Enterprise Investment Scheme (EIS) eligible round, at a pre-money valuation of £6m. Over £450,000 has already been raised from existing and new investors, with VentureFounders supporting the round with a £315,000 raise.
Vashi is looking to grow its sales channels beyond ecommerce by opening physical stores in which customers can browse and buy its products.
Vashi said it has already opened a pilot store to test the viability of permanent shops and, if the fundraise is successful, will expand upon this to open full-scale stores and concessions, which it says will carry new, branded and exclusive collections.
Vashi Dominguez, founder of Vashi, said: “Since our launch in 2007 the company has gone from strength to strength, rapidly building up brand recognition and celebrity endorsement in what is a complex and fragmented market. We are now looking to expand the company, with a focus on increasing sales and visibility through opening physical stores.
“We decided to work with VentureFounders as part of our fundraise because the team really understands our business, vision and potential. We are looking forward to developing strong relationships with our investors to drive the business forward.”
Eva Weber, investment director at VentureFounders, said: “We were impressed by Vashi’s experienced management team, combined with the company’s trading history and its strong branding. Vashi is now at an exciting stage in its development as it invests into physical stores to complement its existing online presence and scale up its operations.”
In October last year, Vashi, which is popular with celebrities such as Rita Ora, Cheryl Fernandez-Versini, Holly Willoughby and Pixie Lott, sold shares on the equity crowdfunding platform SyndicateRoom in an effort to raise a minimum of £600,000.
