Spear Capital seals investment in South African online fashion retailer
Cape Town based e-commerce fashion retailer RunwaySale says it has received an investment of R100 million from international private equity firm, SPEAR Capital.
The company said it will utilise the investment to drive all-around growth across marketing, stock and production sectors, as well as in machine learning and artificial intelligence (AI) technology.
Co-founded in 2012 by Karl and Elmien Hammerschmidt, who are now the chief executive officer and chief operating officer respectively, RunwaySale describes itself as an ‘exclusive online shopping society’ – a members-only private online shopping club.
The e-tailer hosts more than 300 high-end fashion brands to an exclusive community of shoppers, who check the site, mobile app and social media platforms daily to take advantage of the latest offers.
SPEAR Capital concluded its investment in April.
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