Bundleboon eyes European market leadership in multi-million dollar trend for curated shopping services
Bundleboon eyes European market leadership in multi-million dollar trend for curated shopping services by launching €250,000 equity crowdfunding round on Eureeca
Bundleboon, the fastest growing curated shopping service in the Benelux region specialising in kidswear, is looking for active investors via the Eureeca equity crowdfunding platform as they look to raise €250,000 in order to scale the business and become market leaders in Europe.
Bundleboon launched as a side hustle in 2017 but was incorporated in February 2018 in the Netherlands. It offers parents a unique mix of a personalised shopping experience, smaller and inspirational brands that are not easy to find online, and a convenient and timesaving shopping journey.
The concept works through an online platform where customers fill in a visual style quiz. The data is used to send a box with two personalised outfits (6-8 items), uniquely styled for their children. The customer only pays for the items that they want to keep.
“We currently offer more than 50 brands in our boxes and have constructed consignment deals and exclusive wholesale deals with brands, which allows us to lower the inventory risk and still have high enough margin to scale our business,” explains Nelli Jeloudar, Founder, Bundleboon. “Getting our customers back is our main priority and we spend a lot of time on each of the customers, making sure that they receive a great service. 21% of our monthly orders are currently from existing customers.”
The childrenswear market is the fastest growing segment within the EU fashion industry, consisting of €56B with a 9% projected annual growth rate towards 2020. Specifically, the online segment is growing at an annual growth rate of 13% and, currently, 16% of all kidswear sales is through online channels.
“Our current customers are mostly moms between 31-40 years old with a mid to high annual income (>€50k annual spendable income). Within the Netherlands alone, we can service 2.8% of all households in The Netherlands, equivalent to 220,000 households. When we look at the rest of Europe, specifically in the Nordics and DACH, we see a potential number of 1.8 million households which we can target,” Jeloudar adds.
Bundleboon had some great achievements and successes that make it stand out from the competition:
- 60% profit margin
- Average keep rate is 52% from every box
- 300 boxes shipped on a monthly basis
- A growing community of 3000 + parents
- 50+ brands in our inventory portfolio
- Collecting data to build an algorithm to increase the average order value and to improve the outfit recommendations
“Bundleboon has brought a multimillion-dollar trend from the US to Europe, where the potential is equally as attractive. We are looking for active investors with existing market depth help us scale rapidly in their areas of expertise,” says Jeloudar. “At the end of 2019 we expect to have implemented a functional styling algorithm, sold 6700 boxes, scaled BeneLux and developed a supply chain process.”
