According to reports, in a funding round led by Hoxton Ventures Fy! has managed to secure £5m in funding.
The platform which was launched in 2017 by Tom Beverley and Jonathan Thomson now houses over 2,500 brands and artists, providing a place for them to sell to customers around the world. The funding will help Fy!’s chances in becoming a ‘unicorn’ whilst also providing more opportunities for growth into other markets such as the US, Australia and parts of Europe.
“The category is a huge one – over USD500 billion in size in the UK, Germany and US – with limited innovation and low levels of online penetration and we’re seeing significant changes in consumers’ shopping behaviours. Fy!’s approach and their growth convinced us they’re a team that can build a category-defining brand and product in this space and we are excited to be part of the journey.”
– Hussein Kanji, Partner, Hoxton Ventures
The news of funding was also followed by an announcement that Fy! has a new chief financial officer, Benjamin Leaver. Benjamin will be looking over Fy!’s global Financial, Legal and People Operations.
“At Fy!, we’re building a mobile platform that connects shoppers, brands and influencers in order to solve one of retail’s biggest problems – helping consumers discover products they love. We believe that solving this problem is key to accelerating the shift of bringing the emotional experience of product discovery online. Incumbent eCommerce players really struggle to innovate in this space because of legacy systems, so we see a huge opportunity to leap-frog the competition here.”
– Jonathan Thomson, Co-founder, Fy!
