Ex-Snap exec Imran Khan has raised an additional $12.5 million for his e-commerce startup Verishop (SNAP, AMZN)

  • E-commerce startup Verishop has raised another $12.5 million, sources familiar with the deal confirmed to Business Insider.
  • Rakuten Ventures, Lightspeed Venture Partners, Madrona Venture Group, and real estate company Simon Property Group participated in the pre-Series B round.
  • Former Snap chief strategy officer Imran Khan's 4-month-old e-commerce marketplace focuses on fashion, beauty, and wellness products.
  • Click here for more Prime stories.

Former Snap chief strategy officer Imran Khan has raised another $12.5 million for his e-commerce startup Verishop, for a total of $30 million raised, sources familiar with the deal confirmed to Business Insider.

Rakuten Ventures, Lightspeed Venture Partners, Madrona Venture Group, and real estate company Simon Property Group participated in the pre-Series B round. The company has raised $30 million to date, with Lightspeed Venture Partners leading its series A round with an investment of $17.5 million in November 2018, Axios reported. The latest round gives the company a theoretical value of about $100 million, according to a source familiar with the company.

Khan's 4-month-old e-commerce marketplace focuses on fashion, beauty, and wellness. He's pitched it as a higher-end alternative to Amazon, buying, warehousing, and selling products from the likes of Diane von Furstenberg's DVF, Finders Keepers, and Ursa Major, and ultimately wants to build an affordable luxury version of French company LVMH. 

Read More: Former Snap CSO Imran Khan has launched his new e-commerce startup Verishop, which industry experts say can solve for some of Amazon's key weaknesses

Khan's plan is also to launch private-label brands to show that it can handle product fulfillment and make competitive products of its own. It rolled out its first such brands with skincare line Ghost Democracy, athleisure wear line Lett, and women's clothing line Billie.

The idea is for these brands to be sold in physical stores, too. Ghost Democracy is set to open a pop-up store at the Westfield Century City shopping center in Los Angeles later this month.

Leave a Reply

Your email address will not be published. Required fields are marked *