The List, a Dubai-based luxury ecommerce platform has raised $1.7 million in seed funding, the startup announced last week. The investment came from local and international VC firms.
Founded in 2016 by Andreas Skorski, The List had started in 2016 as a marketplace (only) connecting luxury retailers and customers. The platform since then has expanded its marketplace model and now also offers the payment and logistics solutions to both the parties. The startup now enable boutiques to ship products directly to customer’s door in more than 190 countries and takes care of the entire delivery process including insurance, customs, and clearance.
The startup enables customers to shop anything from jewelry and watches to interior and art pieces directly from luxury retailers of Paris, London, Milan, New York, Moscow and Tokyo.
The List does not buy any inventory itself but provides its retail partners with a software integration to ensure automated and easy inventory management. The luxury fashion aggregator allows physical retail stores to become commerce companies and sell their products to customers all over the world, particularly in the Middle East, which happens to be one of the fastest growing markets for luxury goods and has one of the highest average order value, The List said in a statement.
The startup will use this investment to further develop its technology focusing on mobile solutions (iOS).
“We will use the raised funding to further strengthen our technology development and build an entire m-commerce ecosystem,” said Andreas Skorski, the founder & CEO of The List, speaking to MENAbytes.
“Specifically, we will invest in developing our mobile solutions, and use AI-based personalisation and machine-learning elements in order to further optimise our customer experience and increase the efficiency and effectivity of our initiatives. Additionally, we are currently in the process of opening our technology hub in Lisbon in the second quarter,” he added.
The List’s catalog includes items from some of the the most desired top luxury brands such as Gucci, Balenciaga, Saint Laurent, Rolex and Cartier, and rare vintage pieces from the likes of Louis Vuitton, Chanel and Hermès.
The startup had previously raised a pre-seed round of $50,000 from Dubai-based TURN8 in 2016.