Trouva sees strong growth in first year as independent retailers defy high street gloomComments Off on Trouva sees strong growth in first year as independent retailers defy high street gloom
Trouva, the online marketplace that aims to help independent retailers fight off chains and online retailers, has revealed monthly sales growth of 50% as it marked its first birthday.
Trouva, previously known as StreetHub, enables independent boutiques to sell online without having to make heavy investments in websites and logistics operations.
It has won the backing of Octopus Ventures, Playfair Capital and Index Ventures and to date has raised £2.5 million to fuel its expansion.
The start-up, which did not provide an exact sales figure, said demand has been strong in its first year, with some of its 160 partner boutiques having achieved sales of over £75,000. It has also launched a one-hour delivery service in the capital, completing its fastest order within 25 minutes.
Ella Wells, Owner of Our Daily Edit, said the platform had contributed to a “significant increase in revenue” for her business.
The results contradict gloomy figures from major chains in recent months, which have suffered at the hands of declining footfall, shifts in consumer spending and warnings over crumbling consumer confidence.
Trouva chief executive and founder Mandeep Singh said the company was preparing to expand.
“Our focus to date has to been to build our community of retailers in the UK and establish our core proposition. As we look forward to next year, we plan to open to expand our boutique network internationally to Europe and beyond.”