Far out reached expectations8 May 2012 08:17
Of the £500,000 raised, £185,000 was provided by members of the Envestors private investor network, £225,000 was provided by the Angel Co-Fund and the balance was provided by other investors. The Co-Fund was established in November 2011 with a grant from the Regional Growth Fund to invest alongside business angel syndicates in companies across England.
Scott Haughton, a Director of Envestors, said: "Style-Passport has a good growth story and we are delighted to have closed this funding with the Angel Co-Fund. This is the first occasion we have worked with this new fund which promises so much for the angel community."
"Online fashion is growing fast," commented Sarah Walter, Founder and Managing Director of style-passport. "We have identified and developed an exciting, potentially highly lucrative niche in the industry - people who travel, and marketed it in a ground-breaking way. The results have far outreached our most optimistic expectations and we are ready to accelerate this progress.