PrivateGriffe, a Milan, Italy-based social fashion marketplace, raised €1.2m in equity funding.
The round was led by VAM Investments, which committed €700k and a club of private investors selected by Banca Esperia, who invested €500k. They joined AngeLab, Angelo Moratti’s investment fund, which had acquired a 12% stake in 2013.
In conjunction with the deal, Ennio Valerio Boccardi, founding partner at VAM Investments, will join vice chairman of the board.
The company intends to use the funds to hire new people, as well as to expand its tech development and marketing efforts.
Founder in 2012 by CEO Leonardo Cucchiarini and Maria Cecilia Andretta, PrivateGriffe operates a social fashion marketplace that allows members to buy and resell bags, shoes, clothes, jewels, and accessories.
They can also share style opinions and decide to give a portion of revenues to charities.