Fashion & beauty technology platform completes £2.5 million Series A round
Funding will support international expansion
Refined Networks, the technology platform for cross-border digital commerce, is delighted to announce the completion of its £2.5 million Series A round backed by Souter Investments, in conjunction with the Rueff family and existing seed round investors, including former TFG London CEO, Ben Barnett, and JJill Inc Chair, Michael Rahamim.
The investment builds on an exceptional year of growth, with 26 international brands (including Lindex, Marc O’Polo, IKKS Paris, By Malina, Saint Tropez and Petit Bateau) working with Refined Networks to drive their cross-border online sales through partners including John Lewis, Next, Selfridges and Harvey Nichols. The funding round will enable Refined Networks to launch internationally in A/W23, taking its existing brand portfolio and a curated selection of UK brands into platforms and marketplaces across Europe, North America and the Middle East.
Marketplaces are the largest and fastest-growing retail channel, offering brands a route to diversify their sales channels and tap into a huge audience that would not otherwise be cost-effective to reach. Refined Networks provides brand partners with a turnkey solution of technology, logistics and market expertise to establish and grow their online sales on leading curated marketplaces and online platforms, minimising stock risk by enabling a single pool of inventory for easy, local distribution across multiple channels.
Refined Networks was co-founded by Sune Bjerregard (former CEO of Masai) and Ian Wallis (former Global Retail Director at Phase Eight) and is chaired by Ben Barnett (former CEO of TFG London, the owner of the Hobbs, Whistles and Phase Eight brands). Since launching with its first curated platform partner in the UK in September 2021, Refined Networks has unequivocally demonstrated the value of its scalable technology and logistics solution to platforms and brand partners alike.
Any fashion, beauty or homewares brand looking to curated online platforms for international growth opportunities can be integrated into Refined Networks, regardless of sector. Through end-to-end integration between a brand’s online channels and Refined Networks’ third-party logistics providers, the technology seamlessly enables orders, stock allocation and fulfilment across both curated marketplaces and a brand’s own e-commerce site. With the brand’s stock already present in the market, Refined Networks removes the significant D2C barriers of cross-border delivery costs, customs charges and poor returns policies for partner brands, opening the door to their D2C growth.
Ian Wallis, Co-Founder of Refined Networks, said:
“I am delighted to welcome our new shareholders, who join us at such an exciting time in our growth journey. The current year will see a further acceleration through new brands, platforms, marketplaces and verticals in the UK market, as well as growing our existing brand partners locally and into new geographies.”
Sune Bjerrregard, Co-Founder of Refined Networks, added:
“Refined Networks enables consumer brands to grow their international trade through our scalable technology and logistics solution that connects them with our network of curated platforms and marketplaces. We can drive significant sales growth for our brand partners by leveraging our relationships and industry expertise alongside the inventory, channel and logistics tools needed to succeed.”
Ben Barnett, Chair of Refined Networks, commented:
“Refined Networks has established a unique route to market for international fashion brands that is rapidly gaining traction. I am excited to work with the platform’s founders and senior leadership team to take their exceptional brand portfolio forwards.”
Key transaction stakeholders:
Shoosmiths acted as legal advisors to Refined Networks
CMS acted as legal advisors to Souter Investments
About Refined Networks
Refined Networks offers a technology and logistics solution that enables brands to grow their cross-border trade by seamlessly connecting to the curated platforms and marketplaces in our network. Since 2021, Refined has launched over 25 brands from across Europe, the USA and Australasia onto some of the UK’s leading online platforms, including John Lewis, Selfridges, Harvey Nichols, Next, Marks & Spencer and Freemans Grattan Holdings (part of the OTTO Group). Using the Refined solution, brands can also fulfil international D2C orders faster, transforming the customer experience and driving business performance.
About Souter Investments
Souter Investments is the private family investment office of Stagecoach Group co-founder and Scottish entrepreneur Sir Brian Souter. Its primary focus is on private equity investments in unquoted companies, where it can invest either on its own or with partners. Souter Investments also makes selected allocations to quoted markets, real estate and funds. The company has invested over £500m in over 70 unquoted companies over the last 15 years. Over £250m is invested in its current portfolio of more than 30 businesses, which vary by size and industry.
