Rocket Internet’s Australian Fashion E-Store Pockets $26 Million in Funding

We often see Rocket Internet, the German startup dynamo, in action in Southeast Asia, but it’s worth remembering that it has ventures in Australia as well. One of Rocket’s five startups down under is fashion e-store The Iconic. Today that site has wrapped up AU$28 million ($26 million) in funding, which is in addition to over AU$50 million that it already has from previous investments.

Today’s lead investor in The Iconic is newcomer Verlinvest, a Belgian investment holding company. Existing shareholders Investment AB Kinnevik and and Summit Partners also threw in some cash.

The Iconic will use the new funds to boost its catalog of local and international fashion brands, and enhance its all-round service. One unique offering is its three-hour delivery in Sydney.

Adam Jacobs, the site’s co-founder and managing director, says in today’s announcement:

We believe in the fast growing Australian ecommerce industry and want to provide Australians with the best online fashion shop they can imagine. […] In only 18 months The Iconic has become Australia’s number one fashion website with over four million visitors per month.

The Iconic might not actually be Australia’s top online clothing store as it has competition from the likes of ASOS, whose e-commerce site ranks above The Iconic in Australia, according to Alexa’s web rankings.

Rocket Internet has been busy in Asia-Pacific recently, launching two more startups in Pakistan, raising $100 million more for Southeast Asia-oriented Lazada, and then attracting the same amount for Zalora, Rocket’s fashion e-store for Southeast Asia.