Navabi has raised 10 million euros in funding from Index Ventures and previous investors. According to the company, the capital will be used for international growth. Headquartered in Germany, Navabi is an online retailing startup. It is also backed by Dumont Venture and Seventure Partners.
Aachen, Germany – 3 December 2013 – Online retailing startup navabi has proven that plus size women from all over the world not only deserve but also want to purchase and enjoy premium apparel from established and upcoming top designers.
As a testament to this, the company has secured €10 million in funding from Index Ventures and previous investors to ignite and support further international growth, and to continue to delight plus sized customers with premium apparel.
navabi has built a global, vibrant online fashion marketplace where plus sized women can comfortably discover and buy premium designer clothing, after decades of being largely ignored by many traditional retailers, designers and brands.
Co-founded in Germany by serial entrepreneurs Zohejr Dehnadi and Bahman Nedaei in 2009, navabi and its team of 130 plus people are increasingly satisfying the needs of style-savvy plus-sized women across the globe. Already, 30 per cent of its €30 million revenue comes from the UK and the US and turnover is more than doubling year on year.
“There’s a huge gap between supply and demand in the market of premium designer apparel for women sized 16 plus,” says Nedaei, the company’s co-CEO.
“We think every woman in the world deserves clothing from premium designers that goes way beyond ‘just fitting’ but also looks stylish and is made with high quality fabrics,” adds Dehnadi, who manages navabi jointly with partner and co-founder Nedaei.
Recent market research from Mintel and others shows that the addressable market is not only huge – with an estimated 50+% of the female population in Europe wearing plus sized clothing – but also growing faster than traditional apparel sales.
According to Mintel, the UK market alone is expected to grow to nearly £6 billion by 2015, up from £3.81 billion in 2008.
navabi is ahead of the curve when it comes to serving the many millions of style-savvy plus sized women with premium fashion items, and expects to break into a number of additional international markets in the next few years.
The additional funding from Index Ventures, a preeminent global venture capital firm, and other investors will help navabi accelerate this expansion and enable the company to explore other fashion categories in addition to premium apparel.