The Hamburg-based start-up SNM Style Net Media has secured a seven-digit investment sum for its fashion site, StyleLounge, that allows customers to compare offers. The company told Hamburg News Thursday (August 18th) that the sum is “similar to that of former financing rounds”. And the Berlin-based Rocket Internet is coming aboard as an investor, the e-commerce company said. Other investors include TA Ventures, ASTUTIA Ventures, and Axivate Capital. The latest investment sum will go towards internationalising the website and developing new features in the customization sector.
StyleLounge develops product-matching algorithm
Guido Lange, Marketing Director, said: “The successful conclusion of the latest financing round with a reputable investor like Rocket Internet is, of course, great confirmation of our idea and work.” The number of monthly visitors to the web page, launched in February 2015, has quadrupled since the start of 2016. Turnover has doubled in the past three months alone.
StyleLounge has developed a product-matching algorithm allowing users to compare the prices of articles offered by different online shops. The web site also checks for availability and size of products.
StyleLounge compares around 3 million articles offered by online shops in Germany, France, Switzerland and the Netherlands. And the Dutch market claims to be the market leader. The company aims to expand to other countries this year and make the product rankings tailor-made to individual users and to introduce a price alert.
StyleLounge emerged from SNM Style Net Media GmbH, which was founded in 2014. At present, the company has 40 employees led by Johannes Heinen, CEO and Guido Lange, CMO as well as Alexander Thiel, CTO and are aiming to expand the web site.