Notonthehighstreet.com, a UK-based online shopping site featuring products from small businesses, today announced it has secured a third round of funding for $11.9M ($7.5M pounds). The company will use the funds to hire new employees and continue developing its technology, it said in an announcement.
The company lets consumers shop from various small businesses that have agreed to post products on the website. Even though the consumer may grab products from various small businesses, there is only one basket and checkout process. Many of the products are exclusive deals the company has set up with the small businesses. Product categories include a wide range include home & garden, fashion, jewellery, and weddings.
Notonthehighstreet.com is uniquely providing small businesses with an additional web presence and sales channel to reach consumers, similar to several U.S. based companies, including custom product community Etsy and custom services marketplace CustomMade, which recently landed $1.2 million in an angel round of funding.
The UK-based company, founded in 2006, claims to have products from some 1,600 small businesses with over 35,000 products. The company claims it received over 420,000 unique visitors to the website in July alone and has seen a %150 turnover growth in the first half of this year, which makes one wonder if the idea of buying from small businesses is catching on in the UK.
Funding was led by Index Ventures and included Greylock Partners.