Payments

Another $14 Million Raised by eCommerce Platform Lyst, Plan to Rollout with Beacons

Lyst was Co-Founded by Chris Mortin (CEO), Sebastjan Trepca (CTO) and Devin Hunt (CPO). This latest round of funding received by the company, brings its total to $19 Mn through investors DFJ Esprit, Accel Partners, Alex Zubillaga and Balderton Capital. The company has offices in Hoxton Square, London as well as New York, USA.

Lyst is a social curation platform that’s changing the way people discover fashion online. Its platform aggregates different fashion commerce sites in a single place with a “universal shopping cart”. The company says that the money from the funding will be used to ramp up its marketing and to hire more data scientists and other engineers to keep building out its algorithms to compete against the likes of eBay, the Fancy and other one-top-shop online marketplaces.

Lyst is also going ahead with an interesting progression on its e-commerce model by taking the experience out to brick-and-mortar stores as well. This begins with a partnership with PayPal around Beacon, its Bluetooth LE in-store initiative that will give users location-specific alerts when they are in the vicinity of a particular section of a store where there is an item they may want to buy.

“We have some exciting things coming up here. At this stage we can share our plan to launch a partnership with PayPal around the use of Beacon devices," Chris Morton told TechCrunch. "There will be further really interesting partnerships using our API to come soon, too."

Lyst says that their business grew over 400% in 2012, and 400% again in 2013. It now has 2 million shoppers visiting it each month, with the average basket size around $300. That works out to more than $60 million in sales for its partners. At the moment, the company has around 57% of purchases coming from North America, and it’s aggregating more than $2 Billion worth of goods.

Recently, Lyst partnered with Katrantzou to be the exclusive U.S. retailer for 10 items from the designer’s resort collection.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

Apply to Become a Contributor